US Stock Market Overview – Stocks Close Mixed as Senate Bill Stalls
US stocks were mixed on Wednesday but closed well of the highs of the trading session. The Dow Industrial Average was the best performing major index, climbing as much as 1,200 points intra-day, but closed higher by 2.3%. The Nasdaq closed in the red continuing to generate volatility. Stocks rose after the open, following news that the Senate had approved a deal, but late in the session, there was news that Bernie Sanders could hold up the deal if Republican Senators did not focus on a fund that was earmarked for workers.
At the center of the problem was that laid-off employees could receive more in benefits than they could if they found an equivalent job in a different sector. All sectors in the S&P 500 index rose, led by cyclical, communications were the worst-performing sector in a strong tape. Boeing surge higher leading the Dow Industrials having its best day in history rallying 24%. Durable goods orders rose more than expected. All eyes will be focused on Jobless claims on Thursday which will provide information about the US employment picture. Near the end of the trading session, Apple announced that is considering delaying the release of its 5G phone.
Durable Goods Orders Rise
US Durable Goods Orders accelerated 1.2% last month, according to the Commerce Department. Data for January was revised up to show durable goods orders gaining 0.1% instead of slipping 0.2% as previously reported. Expectations were for durable goods orders to decline by 0.8% in February.
Crude Oil Inventories Rise
The Energy Information Agency reported that commercial crude oil increased by 1.6 million barrels from the previous week. At 455.4 million barrels, crude oil inventories are about 3% below the five year average for this time of year. Gasoline inventories decreased by 1.5 million barrels last week and are at the five year average for this time of year. Distillate fuel inventories decreased by 0.7 million barrels last week and are about 11% below the five year average for this time of year. Total commercial petroleum inventories increased last week by 2.4 million barrels last week.