Dow, S&P 500, Nasdaq hit new records ahead of July 4th
U.S. stocks traded higher on Wednesday lifting the Dow Jones Industrials, the S&P 500 and the Nasdaq to new records as financial markets closed early for the July 4th holiday.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 38085.8 | -375.12 | -0.98% |
| SP500 | S&P 500 | 5048.42 | -23.21 | -0.46% |
| I:COMP | NASDAQ COMPOSITE INDEX | 15611.759799 | -100.99 | -0.64% |
President Trump celebrated the milestone tweeting a "congratulations!" noting the 19 percent annual gain for the broadest measure of stocks.
Investors are now betting on a rate cut by the Federal Reserve is looking more likely. Private employers added just 102,000 jobs to their payrolls in June, according to the latest ADP National Employment Report -- missing analyst expectations of 140,000. A potential sign the U.S. economy is losing some momentum. Initial claims for state unemployment benefits dropped by 8,000 to a seasonally adjusted 221,000 for the week.
As a result bond yields tumbled on fears of a global recession and expectations of interest rate cuts by central banks.
Even with the shortened trading session, deal-making is still on the table. Shares of Symantec Corp surged after sources told Reuters that chipmaker Broadcom is in advanced talks to buy the cybersecurity firm.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AVGO | BROADCOM INC. | 1,294.42 | +37.60 | +2.99% |
| SYMC | n.a. | n.a. | n.a. | n.a. |
And in auto news, Tesla set new production and delivery records in the second quarter, a major achievement for the electric carmaker that has struggled to scale manufacturing operations. Overall, the firm delivered 95,200 cars, a 51 percent increase over the prior three months. Tesla shares jumped nearly 5 percent.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 170.18 | +8.05 | +4.97% |
July is building on what was a strong June for U.S. investors with the Dow Jones Industrial Average registering the best performance since 1938, the S&P 500 the best since 1955 and the Nasdaq Composite the best since 2000.
The trade deficit in goods and services jumped 8.4 percent in May from a month earlier to a seasonally adjusted $55.52 billion in May, the Commerce Department said Wednesday.
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U.S. financial markets are closed Thursday for the July 4th holiday.
FOX Business' Ken Martin contributed to this report.