Stock Market Today: Dow Jones Rises Ahead Of Inflation Survey; Nvidia Rallies Above Key Level
Market Overview
The Dow Jones Industrial Average rose 148.99 points, or 0.45%, to 33,718.36 on Wednesday, June 28, led by gains in Dow Inc. and Boeing. The S&P 500 climbed 10.96 points, or 0.26%, to 4,168.13, and the Nasdaq Composite Index added 4.27 points, or 0.03%, to 12,223.09.
Investors are awaiting the release of key economic data this week, including the Personal Consumption Expenditures (PCE) price index, the Federal Reserve's preferred measure of inflation, on Friday.
Company News
Nvidia Corp. (NVDA) shares jumped 4.5% after the chipmaker reported better-than-expected quarterly results and issued a bullish sales forecast.
Dow Inc. (DOW) rose 2.8% after the chemical company announced plans to sell its stake in Saudi Aramco for $11.4 billion.
Boeing Co. (BA) gained 2.2% after the aerospace giant announced a deal to sell 75 737 MAX jets to United Airlines.
Sector Performance
The energy sector led the market higher, rising 1.4%, as oil prices continued to climb. Technology stocks also performed well, with the tech-heavy Nasdaq Composite Index gaining 0.03%.
However, healthcare stocks fell 0.8%, with UnitedHealth Group (UNH) and Merck & Co. (MRK) among the decliners.
Economic Data
The Labor Department reported that initial jobless claims fell by 2,000 to 229,000 for the week ended June 25.
The Commerce Department reported that durable goods orders rose 0.7% in May, below expectations.
Conclusion
The stock market rose slightly on Wednesday ahead of the release of key economic data later this week. Investors are looking for signs that inflation is moderating and that the economy is continuing to grow.
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