How major United States stock indexes fared Wednesday

27 Juillet, 2019, 00:27 | Auteur: Auguste Feret
  • How major United States stock indexes fared Wednesday

USA stocks fell on Wednesday after bleak earnings from industrial bellwethers Caterpillar and Boeing exacerbated concerns of a slowing global economy that have roiled financial markets this year.

The S&P 500 climbed Wednesday, as chip makers rallied, helping the broad index eke out a gain and overcome losses that followed disappointing earnings from industrial giants Caterpillar and Boeing.

The S&P 500 rose 0.5 per cent to close at 3,019.56, while the tech-rich Nasdaq Composite Index jumped 0.9 per cent to end at 8,321.50.

The Dow lost 79 points, or 0.3%, to 27,269.

The Russell 2000 rose 32.52 points, or 2.1%.

Dollar Index is roughly flat at 97.66. Shares of industrial giants Caterpillar and Boeing both stumbled after reporting lackluster earnings results and continued to weigh on the price-weighted Dow Jones Industrial Average throughout the trading session, keeping the blue-chip index in the red. S&P 500 e-minis were down 6 points, or 0.2% and Nasdaq 100 e-minis were down 26.5 points, or 0.33%.

Eight of the 11 primary S&P 500 sectors closed higher, with financials up 0.91 percent, outpacing the rest.

Although earnings and expectations of an interest-rate cut by the Federal Reserve have aided stocks' climb in recent weeks, the market continues to face several risks, from trade tensions between the US and China to slowing global growth.

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The Dow industrials fell 117 points, or 0.5%, to 27232.

The S&P 500 posted 35 new 52-week highs and no new lows; the Nasdaq Composite recorded 82 new highs and 94 new lows.

The Nasdaq is up 1,686.22 points, or 25.4%.

Small-company stocks rose. More stocks rose than fell on the New York Stock Exchange.

Caterpillar Inc, whose large exposure to China makes it a proxy for the global impact of trade tensions, dropped 5.8% after reporting a fall in quarterly earnings on cooling demand for construction machines in Asia.

Boeing Co (BA.N) fell 2.8% after the world's largest planemaker posted its largest-ever quarterly loss on the back of this year's grounding of its best-selling 737 MAX after two deadly crashes.

Another bright spot was United Parcel Service Inc (UPS.N), up 7.7%, and was among the biggest gainers on the S&P 500 index, after the world's biggest package delivery company reported a better-than-expected quarterly profit.

The Dow is up 3,942.51 points, or 16.9%.

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