If the US stock markets considered the firing of FBI Director James Comey by President Trump at all then it clearly made little impression and did not deter the bulls. The Dow Index fell -0.16% to close at 20,943.
- Dow Jones Index 20,943
- S&P 500 2,400 +0.11%
- Nasdaq 6,129 +0.14%
- Russell 2000 1399.59 +0.56%
- NYSE Composite 11599 0.27%
- Gold 1218.1 -0.8
- Oil 47.40 0.07
Market commentators declared investor’s perspective on today’s action as more a political event than an economic one. Although this could change if any other news suggests or hints at political and economic instability which could trigger negative sentiment.
A strong rally in oil combined with political uncertainty stirred the energy sector. Crude was higher after the Energy Information Administration released a report showing a drop in US crude supplies which reflects a sign of increased demand.
Dow was affected in late trading by the negative performance of Disney which slid on its weaker-than-expected sales results -2.19% to 109.66 and Boeing fell -1.2% to 183.18 on news that it had suspended flights on its 737 Max. There was no official news from the aerospace company on its website as of late evening on Wednesday.
The big board’s biggest gainers were Caterpillar up by 1.08% to 100.36 continues to experience the glow from resounding Q1 results, a rebound in commodities and the US government’s potential infrastructure and tax reform plans.
Chevron closed at 106.49 a 1.35% change on the comeback of the shale sector and strength of earnings reports from US exploration and production companies.
Nasdaq was just shy of another all-time high rising 8.56 basis points to close at 6,129.14 but the tech heavy index did record its fifth consecutive session of gains. The S&P 500 tipped over to 2,400.
Labor Department released economic data on the price of U.S. imports which increased 0.5% and exports were up 0.2%.
NIVDIA Corp rose steeply on both Nasdaq and S&P 500 (17. 8% to 121.29) on the introduction of a radical breakthrough in robotics to build and train intelligent machines.
CEO and founder, Jensen Huang said, “"Robots based on artificial intelligence hold enormous promise for improving our lives, but building and training them has posed significant challenges. NIVIDIA is now revolutionising the robotics industry by applying our deep expertise in simulating the real world so that robots can be trained more precisely, more safely and more rapidly."
Electronic Arts was also a big mover on both indices with a 2.35% change to 10.90 with a strong performance in digital revenues which increased 30.6% to $934 mn.