Split Decision: Dow, S&P Rise, But Tech Weighs on Nasdaq

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Split Decision: The Dow Industrials and S&P 500 both posted a solid advance on the day. However, sliding tech stocks took a bite out of the Nasdaq.

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The Dow Jones Industrial Average rose 118 points, or 0.72%, to 16519, the S&P 500 advanced 10.5 points, or 0.56%, to 1878 and the Nasdaq Composite dipped 13.1 points, or 0.32%, to 4058.

Wall Street took a beating on Tuesday, with the broad S&P 500 shedding 0.9% and falling further from record highs. The move was led by diving financial and consumer discretionary stocks. The markets posted a mixed performance on Wednesday.

Federal Reserve chief Janet Yellen said in prepared remarks to Congress that the Fed still sees the economy as having improved "appreciably" recently, despite a round of worrisome data recently. As such, the central bank still plans on raising rates once the economy improves further, as Yellen has stated in the past.

A report on consumer credit conditions from the Fed rounds out the quiet macro-economic calendar.

In corporate news, blue-chip entertainment giant Disney (NYSE:DIS) logged significantly better-than-expected quarterly results. Alibaba, the Chinese e-commerce giant, filed for its initial public offering. The initial paperwork said it would be a $1 billion offering, but most analysts think that's just a placeholder number.

Brian Hamilton, chairman at Sageworks, said estimates on the company's valuation range from $150 billion to $200 billion.

"It’s refreshing to see a high profile technology company going public with real profitability," he said in an email. "However, if the estimates on valuation ... are correct, this will be a tremendously overvalued stock."

Elsewhere, U.S. crude oil futures climbed 79 cents, or 0.79%, to $100.29 a barrel. Wholesale New York Harbor gasoline dipped 0.3% to $2.877 a gallon. Gold ticked up by $1.60, or 0.12%, to $1,310 a troy ounce.

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