Wall Street rebounded on Wednesday despite a choppy open as mildly positive factory data fueled sentiment. Specifically, industrial production increased 0.4% in August, slightly beating estimates. Additionally, capacity utilization rose to 76.4% from 76.2% while manufacturing edged up 0.2%.
The gains helped push the major indexes back into positive territory for the week. Meanwhile, volatility settled lower after holding a key level of resistance for the second-straight session.
The Russell 2000 tested a high of 2,236 while ending at 2,234 (+1.1%). Lower resistance at 2,225-2,250 and the 50-day moving average were recovered. A close above the latter would be a bullish development for another run towards 2,275-2,300. Below is a chart of the IWM.
The S&P 500 closed at 4,480 (+0.9%) with the afternoon peak kissing 4,486. Current and lower resistance at 4,475-4,500 was cleared and held. A move above the latter would signal a possible trip towards 4,525-4,550 with the beginning of the month all-time high at 4,545.
The Nasdaq tagged a high of 15,174 after briefly falling below the 15,000 level before finishing at 15,161 (+0.8%). Near-term and lower resistance at 15,100-15,250 was reclaimed. A close above the latter keeps upside towards 15,350-15,400 in play with the recent record peak at 15,403.
The Dow tapped an intraday high of 34,880 while settling at 34,814 (+0.7%). Lower resistance at 34,750-35,000 was cleared and held. A close above the latter and the 50-day moving average would suggest a near-term bottom with further strength towards 35,250-35,500.
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THURSDAY'S EARNINGS ANNOUNCEMENTS
Before the open: None
After the close: None
THURSDAY'S ECONOMIC NEWS
Jobless Claims - 8:30am
Retail Sales - 8:30am
Philadelphia Fed Business Outlook Survey - 8:30am
Business Inventories -10:00am
Gold closed at $1,794.80 an ounce, down $12.30
Silver settled at $23.80 an ounce, down $0.09
Copper finished at $4.41 a pound, up $0.09
Crude Oil was at $72.64 a barrel, up $1.87
Bitcoin Investment Trust (GBTC) ended at $38.81 up $1.99
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