Stocks finished mostly higher Wednesday. The S&P 500 gained 8 points to 2649 while the Nasdaq Composite climbed 63 points to 6972. The Dow was down less than a point to finish at 24464.
The S&P 500 and Nasdaq Composite posted solid gains as Tech stocks rebounded from recent weakness. On the data front, a report showed existing home sales rose 1.4% in October after slipping to the lowest level in three years in September. An additional survey revealed durable goods orders fell 4.4% in October, worse than the anticipated 2.6% decline. Separately, initial jobless claims came in at 224,000 in the most recent week, while the University of Michigan’s survey showed consumer sentiment eased more than expected in November.
Energy stocks boosted the major averages as WTI crude jumped 1.8% to $54.40/barrel. Meanwhile, Retailers recovered from recent weakness as Foot Locker surged 14.9% to $52.96 after topping analyst profit estimates. Technology stocks also outperformed as Microsoft added 1.4% to $103.11 and IBM gained 1.2% to $118.57. The Consumer Staples and Healthcare sectors lagged the broader market advance as Philip Morris slipped 3.0% to $83.94 and Johnson & Johnson fell 3.1% to $141.99. Shares of Deere rose 2.4% to $141.88 after offering better-than-expected forward guidance.
Breadth was positive on issues by roughly 3:1 on both the NYSE and Nasdaq. Composite NYSE volume totaled more than 3.2 billion shares.
Treasuries were weaker along the curve as the yield on the 10-year note climbed one basis point to 3.06%. In commodities, COMEX gold added 0.4% to $1,226.50/ounce amid a weaker dollar.