Dow surges 346 points as trade worries ease
Stocks rallied Wednesday with the Dow Jones Industrial Average posting a triple-digit gain, boosted by gains in the industrial and financial sectors.
The Dow added 346.41 points, or 1.4%, to 25,146.39. The S&P 500 rose 23.55 points, or 0.86%, to 2,772.35. The Nasdaq Composite climbed to another record high, gaining 51.38 points, or 0.67%, to 7,689.24.
Industrial names were climbing as investors shrugged off mixed reports on trade ahead of the G7 meeting, while financials were boosted by the 10-year Treasury yield approaching a two-week high.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JPM | JPMORGAN CHASE & CO. | 302.74 | -9.73 | -3.11% |
| CAT | CATERPILLAR INC. | 629.00 | -17.89 | -2.77% |
| BA | THE BOEING CO. | 249.00 | +1.32 | +0.53% |
The yield increased in anticipation that the Federal Reserve will hike rates when it meets next week.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SP500 | S&P 500 | 6796.86 | -143.15 | -2.06% |
| I:DJI | DOW JONES AVERAGES | 48488.59 | -870.74 | -1.76% |
| I:COMP | NASDAQ COMPOSITE INDEX | 22954.322403 | -561.07 | -2.39% |
On Wednesday, both the Nasdaq and the Russell 2000 touched all-time highs while the Dow climbed back above 25,000. Dow components Microsoft, Visa and Nike touched record highs.
Economic data released Wednesday included the April trade deficit, which fell to a 7-month low as exports set a record. First-quarter productivity was revised to a 0.4% annual pace compared to the 0.7% originally reported.
Oil futures fell 1.2% to $64.73 a barrel, while gold futures were little changed.