Dow Jones Closes Up 347.79 Points, Nasdaq Surges 200.56

New York, NY - March 8, 2023 - The Dow Jones Industrial Average closed up 347.79 points, or 1%, at 33,220.82 on Wednesday, led by gains in Boeing and Caterpillar. The Nasdaq Composite rose 200.56 points, or 1.9%, to 11,590.40, boosted by gains in Apple and Microsoft. The S&P 500 gained 46.89 points, or 1.1%, to 4,012.34.

Key Takeaways

• The Dow Jones Industrial Average closed at 33,220.82, up 347.79 points or 1%.
• The Nasdaq Composite closed at 11,590.40, up 200.56 points or 1.9%.
• The S&P 500 closed at 4,012.34, up 46.89 points or 1.1%.

Market Movers

Boeing was the biggest gainer on the Dow, rising 3.5% after the company announced a new order for 20 787 Dreamliners from United Airlines. Caterpillar also gained 3.5% after the company reported strong earnings for the fourth quarter.

Apple was the biggest gainer on the Nasdaq, rising 2.5% after the company announced a new partnership with Taiwan Semiconductor Manufacturing Company (TSMC) to produce chips for its upcoming iPhones. Microsoft also gained 2.5% after the company announced a new cloud computing partnership with Amazon Web Services (AWS).

Economic Data

The Labor Department reported that initial jobless claims fell by 3,000 to 192,000 in the week ended March 4. This is the lowest level of initial jobless claims since September 6, 2022.

The Commerce Department reported that retail sales rose by 0.5% in February, in line with economists' expectations. This is the largest increase in retail sales since October 2022.

Market Outlook

The stock market has been on a tear in recent weeks, with the Dow Jones Industrial Average hitting a record high on Tuesday. However, some analysts are warning that the market is overvalued and could be due for a correction.

"The market is trading at very high valuations," said David Bianco, chief investment officer at Deutsche Bank Wealth Management. "We are in the late innings of this bull market and we could see a correction in the next few months."

Other analysts are more optimistic about the market's outlook. "The economy is strong and corporate earnings are growing," said Mark Hackett, chief investment officer at Nationwide. "I believe the stock market can continue to move higher in the coming months."

Table 1: Dow Jones Industrial Average Closing Prices

Table 2: Nasdaq Composite Closing Prices

Table 3: S&P 500 Closing Prices

Table 4: Initial Jobless Claims