Nikada The Dow Jones Industrial Average ( DJI ) was the only U.S. major index that closed in the green on Wednesday, and it is 152.23 points away from its intraday high of 49,653.13 points. While the S&P 500 ( SP500 ) and the Nasdaq Composite ( COMP:IND ) saw a second day of losses—ending -0.5% and -1.5%, respectively—the Dow’s upside was driven by some companies the market decided to reward, Seek...
Nikada The Dow Jones Industrial Average ( DJI ) was the only U.S. major index that closed in the green on Wednesday, and it is 152.23 points away from its intraday high of 49,653.13 points. While the S&P 500 ( SP500 ) and the Nasdaq Composite ( COMP:IND ) saw a second day of losses—ending -0.5% and -1.5%, respectively—the Dow’s upside was driven by some companies the market decided to reward, Seeking Alpha analyst Daniel Jones said. Amgen ( AMGN ) was the Dow’s top gainer, ending +8.2% after reporting a beat on its Q4 earnings report. Companies Nike ( NKE ), Walt Disney ( DIS ), and Apple ( AAPL ) were also among its top performers, closing 5.4%, 2.7%, and 2.6%, as well as 3M ( MMM ), which rose 5.2% after the company announced it was hiking its dividend . “In all honesty, this major market index was an outlier,” Jones said. Indexes have suffered as semiconductors and high-tech companies are taking a hit. Among those, Advanced Micro Devices ( AMD ) -17.3%, AppLovin ( APP ) -16.1%, Palantir Technologies ( PLTR ) -11.6%, Micron Technology ( MU ) -9.5%, and more. But, in the young year already, “there’s been a repeated market pattern of sharp sell-offs that quickly recover, sometimes within hours. Although these have had a variety of causes, the consistent theme is they fail to inflict lasting damage, despite initial fears that it might finally be the start of a larger sell-off,” said Henry Allen, macro strategist at Deutsche Bank Research, in a note. “Throughout history, larger equity sell-offs have always coincided with a fundamental reassessment of the macro outlook,” Allen said. “So long as that macro backdrop is robust, then risk assets can continue to rally, and it’s important to remember that positive data are consistently proving a better signal than noisy headlines, with January seeing a remarkably broad-based advance where almost every major asset rose on the month,” he added. Dow ETFs: ( DIA ), ( DDM ), ( UDOW ), ( DOG ), ( DXD ), and ( SDOW ). More on Dow J...