QBR.B:CC - Dow Closes Flat Despite Monthly Gains in the Offing
The S&P 500 and the Dow Jones Industrial Average ended Wednesday near the flat line, but the major averages remain on track for their biggest monthly gain in 2023.
The 30-stock index gained 13.57 points to close Wednesday at 35,430.55.
The S&P 500 slid 4.3 points to 4,550.59.
The NASDAQ eased back 23.27 points to 14,258.49.
Because of this November comeback, major market benchmarks are approaching their 2023 highs reached over the summer. The Dow would need to gain just about 0.5% to reach a new 2023 high. The S&P 500 and NASDAQ Composite would need to gain around 1% each to reach new 2023 highs.
On Wednesday, General Motors shares popped about 9.3% after the company announced a $10 billion buyback and raised its dividend, and NetApp soared 14% on an earnings beat. Phillips 66's stock jumped 3% after Elliott Investment Management took a $1 billion stake in the energy company.
Data released Wednesday showed gross domestic product data for the third quarter grew at a stronger-than-expected pace, accelerating at a 5.2% annualized pace. The boost came primarily from revisions to government spending and investments in non-residential structures.
Prices for the 10-year Treasury jumped, lowering yields to 4.27% from Tuesday's 4.33%. Treasury prices and yields move in opposite directions.
Oil prices regained $1.35 to $77.76 U.S. a barrel.
Gold prices brightened $5.80 to $2,043.60.