Nasdaq hits fresh record, Dick’s Sporting Goods soars

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U.S. stock indexes hovered near record highs Wednesday as investors assess the prospects of a massive spending project and look ahead to the Federal Reserve’s Jackson Hole Symposium. 

The Dow Jones Industrial Average slipped 24 points, or 0.07%, while the S&P 500 index and the Nasdaq Composite index were higher by 0.03% and 0.09%, respectively. Both the S&P 500 and the Nasdaq Composite closed at all-time highs Tuesday with the latter topping 15,000 for the first time. 

TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES35385.32+19.06+0.05%
SP500S&P 5004492.4+6.17+0.14%
I:COMPNASDAQ COMPOSITE INDEX15046.071889+26.27+0.17%

The U.S. House of Representatives on Tuesday approved a $3.5 trillion budget resolution that creates the framework for the "human infrastructure" package the Senate hopes to pass via the reconciliation process, which would avoid a Republican filibuster. The lower chamber also advanced the $1 trillion bipartisan infrastructure plan that would provide funding for roads, bridges and broadband, among other things. 


Investors will be paying close attention to developments that come from the Fed’s Jackson Hole conference that takes place Thursday and Friday when the central bank could telegraph its timeline to begin tapering its asset purchase program and begin raising rates. 

In stocks, infrastructure-linked companies, including Caterpillar Inc. and Deere & Co., were in focus after the House advanced the $3.5 trillion spending package.  

TickerSecurityLastChangeChange %
CATCATERPILLAR, INC.213.64+1.12+0.53%
DEDEERE & CO.372.14+4.38+1.19%

Johnson & Johnson said a booster shot of its COVID-19 vaccine generates "strong and robust immune responses" that last for at least eight months. The results are based on two Phase 1/2a studies. 

TickerSecurityLastChangeChange %
JNJJOHNSON & JOHNSON174.58-0.78-0.44%

Nordstrom Inc. reported quarterly revenue fell 6% from pre-pandemic levels as the company dealt with supply chain disruptions and faced strong competition. The department store chain raised its sales outlook for the current fiscal year. 

TickerSecurityLastChangeChange %
JWNNORDSTROM, INC.31.02-6.88-18.14%
DKSDICK’S SPORTING GOODS, INC.129.99+15.36+13.40%

Dick’s Sporting Goods Inc. reported record quarterly sales and earnings and lifted its full-year outlook. The retailer also announced a special dividend of $5.50 per share and raised its quarterly dividend by 21% to 43.75 cents per share. 

In commodities, West Texas Intermediate crude oil climbed 21 cents to $67.75 a barrel and gold fell $12.80 to $1,795.70 an ounce. 

Overseas trading was choppy. 


In Europe, Britain’s FTSE 100 and France’s CAC 40 were both higher by 0.32% and 0.22%, respectively, while Germany’s DAX 30 declined 0.18%. 

Asian markets were mixed with China’s Shanghai Composite rallying 0.74%, Japan’s Nikkei 225 slipping 0.03% and Hong Kong’s Hang Seng index falling 0.13%. 

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