The market showed some resiliency on Wednesday, holding on to Tuesday's gains for the most part, despite record oil prices and profit warnings from Nucor and Texas Instruments. The Dow Jones Industrial Average lost 16.74 points (-0.13%), the S&P 500 dropped a meager 0.07 points (+0.00%), and the Nasdaq Composite Index gave up 5.4 points (-0.21%). Volume on the NYSE was about the same as the rest of the week at 1.26 billion shares, as decliner just beat advancers by a ratio of 6:5.
The biggest story of the day was oil. Crude traded above $80 for the first time, topping out at $80.18. The US government shocked traders by reporting inventories dropped by about 4.5 million more barrels that expected. Crude oil finished the day up $1.68 to a record close of $79.91. Despite the record, oil still is below the inflation-adjusted highs during 1980, where, depending on your rate of adjustment, it traded between $96 to $101.
No sectors had huge moves up or down and Energies (+0.70%) had the best day. Both Texas Instruments (-1.70%) and Nucor (-0.20%) announced tightening in third quarter projections and fell. Amgen (+3.30%) had a solid day after the FDA rejected a proposal to limit its anemia drug. After no major economic news was released Wednesday, the US 10-year bond was down 8/32 in price, pulling the yield up to 4.40%.
On Thursday, Jobless Claims (8:30 AM) and the US Treasury Budget (2:00 PM) will be released. Look for markets to move greatly on any headlines or comments on the Fed's next move in six days.
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