At the end of a choppy trading session, major equity indexes in the U.S. closed with small gains as investors took some profit off the table coming off a two-day rally. Commenting on today's price action, "the market's slowed the treadmill to a slight pace from the run it was on," Matt Lloyd, chief investment strategist at Advisors Asset Management in Monument, Colorado, told Reuters on Wednesday.
Rising crude oil prices fueled the S&P 500 energy sector index SPCTR, making it the best performing sub-index of the day with a 1.25% gain. On the other hand, S&P 500 information technology SPLRCT dropped 0.3% amid the heavy selling pressure witnessed on Apple shares. iPhone X’s higher-than-expected price and availability date of November 3 disappointed investors, forcing the shares more than $1, or 0.8%, lower.
The Dow Jones Industrial Average added 39 points, or 0.18%, to 22,138.38, the S&P 500 was virtually flat at 2,494 points, and finally, the tech-heavy Nasdaq Composite closed 6 points, or 0.09%, higher at 6,460.19.
Headlines from the U.S. session:
- Bitcoin drops below $4000 amid China's OTC ban
- Nigerian Oil Min: "Very unlikely" to join OPEC cuts before March
- U.S. government posts $108 billion deficit in August - Reuters
- OMB Director Mulvaney: Will be difficult to work with Democrats on tax reform - CNBC
- VIX: US politics and geopolitical risks remain high - Nomura
- Fed Chair Janet Yellen to be re-appointed? - UOB
- US PPI: Core inflation maintains trend - Wells Fargo
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