ALBAWABA - US stock indices closed with mixed results on Wednesday as Treasury bond yields continued to rise, coupled with increasing concerns about a partial government shutdown at the end of the week.
House Republican leader Kevin McCarthy rejected a temporary funding bill proposed in the Senate, bringing the government closer to its fourth partial shutdown in a decade.
Data released on Wednesday showed that US durable goods orders rose in August, while business spending on equipment appeared to regain momentum after a sluggish start to the third quarter.
Key US Market Performances:
The Dow Jones index fell by 0.2%, approximately 69 points, marking its lowest close in about four months.
Meanwhile, the Nasdaq Composite index rose by around 0.22%, bouncing back from its lowest levels in about four months.
The S&P 500 inched up slightly in a volatile session as investors contemplated whether it was the right time to enter the market after the sharp declines in most stocks due to concerns about persistently high interest rates.
Costco Stock Soars:
Costco's stock surged by approximately 1.9% during Wednesday's session, marking its highest daily gains in four months. The company added approximately $5 billion to its market capitalization in a single day.
These gains came after the retail giant reported quarterly earnings and revenues that exceeded market expectations. Earnings per share for the fourth fiscal quarter were $4.86, surpassing expectations of $4.79. Revenues for the same period reached $78.9 billion, beating expectations of $77.9 billion.
ExxonMobil Stock Soars:
ExxonMobil's stock jumped by more than 3% during Wednesday's session, reaching its all-time closing high at $120.20 per share. This increase was driven by a 3.7% rise in West Texas Intermediate crude oil prices, exceeding $93 per barrel.
Oil prices surged after the Energy Information Administration revealed that US crude oil inventories had decreased by 2.2 million barrels in the previous week.
