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. | 282.84 | -8.82 | -3.02% |
| CAT | CATERPILLAR INC. | 695.47 | -7.66 | -1.09% |
| BA | THE BOEING CO. | 190.52 | -3.84 | -1.98% |
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 | 6368.85 | -108.31 | -1.67% |
| I:DJI | DOW JONES AVERAGES | 45166.64 | -793.47 | -1.73% |
| I:COMP | NASDAQ COMPOSITE INDEX | 20948.356621 | -459.72 | -2.15% |
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.