Major stock market indexes showed solid gains on Wednesday afternoon, but were flat in the last hour and off the highs of the day. Consumers are feeling more confident as gas prices and inflation readings drop.
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The S&P 500 climbed 1.6% while the Nasdaq added 1.7%. The Dow Jones Industrial Average also rose 1.6%, and is up over 500 points. The Russell 2000 small-cap index showed the most strength, up 1.9%.
The S&P 500 is testing resistance at its 50-day moving average. The Dow is above its 50-day line and bumping up to its 21-day exponential moving average.
The tech-heavy Nasdaq 100-tracking Invesco QQQ trust ETF (QQQ) rallied 1.4%.
Volume on the NYSE and Nasdaq was lower vs. the same time on Tuesday, as investors are thinking more about the holidays than trading.
Crude oil gained 2.9% to $78.39 per barrel. The Energy Select Sector SPDR ETF (XLE) popped 1.9%. Natural gas…
