Dow Jones closes up 350 points, S&P 500 at new all-time high

view original post

NEW YORK, New York – U.S. stocks closed sharply higher with the Standard and Poor’s at a new all-time higher, following the latest CPI reading which came in less than expected.

The Consumer Price Index (CPI) for All Urban Consumers increased 0.3 percent in April, seasonally adjusted, and rose 3.4 percent over the last 12 months, not seasonally adjusted, the U.S. Bureau of Labor Statistics reported Wednesday. The index for all items less food and energy increased 0.3 percent in April (SA); up 3.6 percent over the year (NSA).

The 0.3 percent April reading was well below the 0.4 percent increase projected by analysts polled by Dow Jones.

“This is the first print in a month that wasn’t hotter than expected, so there’s a relief rally,” Dan North, senior economist at Allianz Trade North America told CNBC Wednesday. “The excitement is a little overdone. This is not Caitlin Clark. She’s exciting, this is not exciting,” he said.

The Standard and Poor’s 500 (^GSPC) closed at 5,308.15, up 61.47 points or 1.17 percent, its highest close ever.

The Dow Jones Industrial Average (^DJI) ended the day at 39,908.00, up 349.89 points or 0.88 percent.

The NASDAQ Composite (^IXIC) rose by 231.21 points or 1.40 percent to close at 16,742.39.

The trading volume for the S&P 500 was 2.264 billion shares, while the Dow Jones Industrial Average had a trading volume of 405.252 million shares. The NASDAQ Composite had a trading volume of 7.883 billion shares, indicating strong investor participation.

U.S. dollar caves in Wednesday on CPI reading with across-the-board losses

The U.S. dollar lost steam on Wednesday, coming under heavy selling pressure following the release of the latest CPI reading.

The euro saw an appreciable increase, with the EURUSD pair climbing to 1.0879, up by 0.56 percent.

The Japanese Yen (JPY) rose sharply to 155.01, a gain of 0.89 percent.

The Canadian Dollar (CAD) shot up to 1.3605, an increase of 0.33 percent.

The British Pound (GBP) showed its strength, with the GBPUSD pair climbing to 1.2677, up by 0.68 percent.

The Swiss Franc Wednesday rose to 0.9029, an advance of 0.38 percent.

The Australian Dollar (AUD) was sharply higher, rising 0.92 percent to 0.6687.

The New Zealand Dollar (NZD) however did best of all racking up a 1.26 percent gain to 0.6117.

Global Stock Market Indices Close with Mixed Results Wednesday

On Wednesday, global stock market indices saw mixed results, with some markets closing in positive territory while others ended the day with losses.


In Toronto, Canada, the S&P/TSX Composite index (^GSPTSE) closed at 22,284.76, up 41.42 points or 0.19 percent.


In London, the FTSE 100 (^FTSE) closed at 8,445.80, up 17.67 points or 0.21 percent.


The DAX PERFORMANCE-INDEX (^GDAXI) in Germany rose by 152.94 points or 0.82 percent to end at 18,869.36.

Meanwhile, the CAC 40 (^FCHI) in France ended the day at 8,239.99, up 14.20 points or 0.17 percent.

The broader ESTX 50 PR.EUR (^STOXX50E) closed Wednesday at 5,100.90, up 20.61 points or 0.41 percent.

The Euronext 100 Index (^N100) finished at 1,557.64, up 6.08 points or 0.39 percent.

The BEL 20 (^BFX) in Belgium ended at 4,029.25, up 60.44 points or 1.52 percent.


In Asia, the Nikkei 225 (^N225) in Japan concluded at 38,385.73, up 29.67 points or 0.08 percent.

The HANG SENG INDEX (^HSI) in Hong Kong on Wednesday closed lower at 19,073.71, down 41.35 points or 0.22 percent.

The SSE Composite Index (000001.SS) in China finished at 3,119.90, down 25.87 points or 0.82 percent, with a trading volume of 2.038 billion shares.

The Shenzhen Index (399001.SZ) also ended lower at 9,583.54, down 85.19 points or 0.88 percent, with a trading volume of 4.079 billion shares.

The KOSPI Composite Index (^KS11) in South Korea Wednesday closed at 2,730.34, up 3.13 points or 0.11 percent.

The TSEC weighted index (^TWII) in Taiwan concluded at 21,147.21, up 161.36 points or 0.77 percent.

The IDX COMPOSITE (^JKSE) in Indonesia finished at 7,179.83, up 96.07 points or 1.36 percent.

In India, the S&P BSE SENSEX (^BSESN) closed at 72,987.03, down 117.58 points or 0.16 percent. The NIFTY 50 (^NSEI) closed at 22,200.55, down 17.30 points or 0.08 percent.

The FTSE Bursa Malaysia KLCI (^KLSE) ended in Kuala Lumpur Wednesday at 1,603.23, down 2.65 points or 0.17 percent.


In Australia, the S&P/ASX 200 (^AXJO) finished at 7,753.70, up 26.90 points or 0.35 percent.

The ALL ORDINARIES (^AORD) in Australia concluded at 8,020.90, up 25.20 points or 0.32 percent.

Across the Tasman on Wednesday, the S&P/NZX 50 Index in Auckland, New Zealand, had an off day, falling 92.21 points or 0.79 percent to 11,525.88.


In Africa, the Top 40 USD Net TRI Index (^JN0U.JO) in South Africa closed at 4,289.91, up 67.19 points or 1.59 percent.


The TA125 in Tel Aviv, Israel inched up 2.22 points or 0.11 percent to finish at 2,033.37.

The EGX 30 Price Return Index (^CASE30) in Egypt ended Wednesday at 25,316.10, down 23.70 points or 0.09 percent, with a trading volume of 248.414 million shares.

Photo credit: Big News Network news agency