Close Update: Stocks Close Mostly Higher But Off Highs as Bigger Earlier Rally Fades
Stocks closed mostly higher Wednesday, led by an advance in beaten-down technology shares ahead of the Thanksgiving holiday.
Major market gauges did end the session off their highs as a bigger rally earlier in the day faded. The technology-heavy Nasdaq Composite Index outperformed other market indexes, climbing almost 1%, while the S&P 500 posted a more modest gain. The Dow Jones Industrial Average ended down less than 1 point.
Buyers emerged in the tech sector after heavy losses this week. Heading into Wednesday, the Nasdaq was down 4.6% for the week. Tech giants Microsoft ( MSFT ), Alphabet ( GOOG ) and Amazon.com ( AMZN ) all advanced.
The energy sector bounced back after suffering huge losses Tuesday amid a sharp decline in crude oil prices . The NYSE Energy Sector Index surged 2% Wednesday as crude oil futures advanced. The consumer discretionary sector also helped lead the market Wednesday.
Wednesday saw the release of a host of economic reports. Durable goods orders fell 4.4% in October and excluding transportation, orders were up by just 0.1%. Leading economic indicators increased 0.1%, while the University of Michigan consumer sentiment index slipped in November to 97.5 from October’s 98.6. Existing home sales rose for the first time in seven months.
The US stock market is closed Thursday for the Thanksgiving holiday.
Dow Jones Industrial Average was down less than 1 point
S&P 500 was up 8.04 points (+0.30%)
Nasdaq Composite Index was up 63.43 points (+0.92%)
FTSE 100 was up 102.31 points (+1.47%) to 7,050.23
Hang Seng Index was up 131.13 points (+0.51%) to 25,971.47
Shanghai China Composite Index was up 5.65 points (+0.21%) to 2,651.51
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