Happy 125th, Dow Jones
U.S. stocks rose slightly on Wednesday as shares tied to the economic reopening supported the broader market once again.
The Dow Jones Industrials finished the day but 10.26 points over the breakeven point to 34,322.72.
The S&P 500 added 7.86 points to 4,195.99.
The NASDAQ gained 80.82 points to 13,738.
Shares of companies linked to a recovering economy gained. Carnival Corp rose 2.8%. Royal Caribbean jumped 3.9% and brought its gain this week to over 11% after the cruise line operator received approval to begin test cruises with volunteer passengers.
Shares of Ford rose more than 8% after the automobile giant said it is increasing its investment in electric vehicles to $30 billion through 2025.
The optimism on the economy comes as U.S. average daily COVID cases fall below 25,000 and as nearly half the U.S. population has received at least one vaccination dose.
Bitcoin continued its comeback, helping risk sentiment in the financial markets. Bitcoin climbed back above $40,000 on Wednesday, according to Coin Metrics. On May 19, the cryptocurrency hit a low of $30,001.51 following an intraday crash of 30%. Shares of Tesla, a big holder of bitcoin, added 2%. Coinbase shares were also higher.
Investors will be keeping an eye on Washington and any developments on an infrastructure compromise that could boost the economy further. Senate Republicans plan to send President Joe Biden a counteroffer this week costs nearly $1 trillion.
Meanwhile, chief executives of the country’s largest banks — including JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley — testified before the Senate Banking Committee on Wednesday.
Wednesday also marked the 125th birthday for the blue-chip Dow Jones Industrial Average, which debuted more than a century ago with 12 members. Its best year occurred in 1915 when the benchmark rallied 81.7%, while 1931 marked its worst year with a 52.7% loss.
Prices for 10-Year Treasurys sagged, raising yields to 1.58% from Tuesday’s 1.56%. Treasury prices and yields move in opposite directions.
Oil prices regained nine cents to $66.16 U.S. a barrel.
Gold prices sank $1.60 to $1,903.50 U.S. an ounce.