Dow Outpaces Broad Averages, Logs New High

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The Dow posted much bigger gains than its broad-market counterparts as blue chips like Microsoft, Chevron and UnitedHealth rallied.

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The Dow Jones Industrial Average futures climbed 129 points, or 0.82%, to 15746, the S&P 500 gained 7.5 points, or 0.43%, to 1770 and the Nasdaq Composite declined 7.9 points, or 0.2%, to 3932.

Wall Street snapped a two-day run on Tuesday after strong data on the services sector boosted concerns over how soon the Federal Reserve will begin tapering its massive bond-purchasing program. However, sentiment turned more positive Wednesday. 

The utility and consumer staple sectors performed best on the day. On the other side, health-care and consumer discretionary shares performed worst. 

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On the economic front, German factory orders revved up by 3.3% in September from the month prior, widely beating expectations of a gain of 0.5%. The data come as the latest sign Europe's economic powerhouse is recovering from the debt crisis that struck the eurozone. 

Markit's gauge of business activity in the 17-member currency bloc fell to 51.9 in October from 52.2 in September. The reading suggests conditions are still improving, but at a slower rate. 

U.S. employers revealed plans to slash 45,730 jobs in October, up 13.5% from September, according to outplacement firm Challenger, Gray & Christmas.

In commodities, U.S. crude oil futures climbed $1.49, or 0.76%, to $94.86 a barrel. Wholesale New York Harbor gasoline jumped 1.2% to $2.545 a gallon. Gold advanced by $10.00, or 0.76%, to $1,318 a troy ounce. 

 

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