Wall Street pares early losses, Nasdaq advances to record high
|- Dow Jones ends the day slightly lower.
- Lifted by FAANG, Nasdaq closes at a new record high.
- S&P 500 snaps a three-day losing streak.
After starting the day on a mixed to negative note on Wednesday, major equity indexes, with the exception of the Dow Jones Industrial Average, gained traction in the second half of the session.
Boosted by the robust gains witnessed in the FAANG (Facebook, Apple, Amazon, Netflix and Alphabet’s Google) group, the Nasdaq Composite Index advanced to a fresh record high at 7,806 points before closing the day 0.72% higher at 7,781 points. Facebook shares gained nearly 3% on the day while Amazon and Google both added over 1%. The S&P Information Technology Index (SPLRCT) was up 0.33% at the end of the session.
After the weekly report released by the EIA revealed a higher-than-expected draw in crude oil inventories in the U.S., the barrel of West Texas Intermediate settled above the $66 mark and helped the S&P Energy Index (SPNY) rise 0.43%.
Meanwhile, the CBOE Volatility Index (VIX) dropped more than 4% to point to an improved market sentiment. "There haven't been new trade tariffs announced. Investors can focus a little more on the fundamentals," Sameer Samana, global equity and technical strategist at Wells Fargo Investment Institute in St. Louis, told Reuters.
Despite the stronger risk-appetite, however, the Dow Jones Industrial Average failed to hold in the positive territory and closed the day 42.41 points, or 0.17%, lower at 24,657.8. Finally, the S&P 500 gained 4.73 points, or 0.17%, to 2,767.32
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