Wall Street trading ends mixed in tight range as bull market sets record
U.S. stocks closed mixed in a tight range Wednesday, as the market extended its bull run into record territory.
The bull market turned 3,453 days old on Wednesday, and over this period the index rallied more than 300 percent. Unless there is a huge market sell-off – it will be one for the record books.
The blue-chip Dow Jones Industrial Average ended modestly lower by 88.69 at 25,733.60, while the tech-heavy Nasdaq Composite edged up 29.92 to 7,889.10. The broader S&P 500 index slipped 1.14 to 2,861.82.
Stocks had opened slightly lower on the day after two associates of President Trump were convicted. Late Tuesday, former Trump campaign chairman Paul Manafort was found guilty on eight charges, including tax fraud. Trump’s former lawyer Michael Cohen pled guilty to campaign-finance violations and other charges.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 37988.61 | -472.31 | -1.23% |
| SP500 | S&P 500 | 5035.02 | -36.61 | -0.72% |
| I:COMP | NASDAQ COMPOSITE INDEX | 15558.810104 | -153.94 | -0.98% |
On Wednesday, Target reported better-than-expected results before the start of trading, sending shares higher.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TGT | TARGET CORP. | 164.40 | -0.97 | -0.59% |
Lowe’s reported earnings and revenue that topped expectations, but same-store sales missed estimates, sending shares lower.
Economic data released on Wednesday included existing home sales. The Fed released minutes from the latest meeting of its interest-rate setting committee, indicating the U.S. central bank is likely to raise rates next month.
Commodities were mixed, but oil futures were higher following the U.S. Energy Information Administration's (EIA) weekly inventory report. The EIA reported a 5.8 million barrel weekly draw of oil inventories.
U.S. stocks on Tuesday closed higher for the fourth consecutive day, and the broad-based S&P 500 index set an intraday record.
The S&P’s fresh record comes after second-quarter earnings season has basically wrapped up, while some easing trade tensions also supported the markets with China and the U.S. meeting to discuss trade after a tit-for-tat tariff exchange.
During the day's trading session, the S&P 500 topped its previous high of 2,872.87, which it reached in January. However, that index slipped back slightly before the markets closed.
FOX Business' Ken Martin contributed to this article.