Dow Jones Today: Index Inches Up Ahead of Fed Meeting

Key Takeaway

  • Dow ended the week in the grain following four straight sessions of gains.
  • Salesforce led the Dow higher, while tech stocks Microsoft and Apple also moved up.
  • Amgen shares fell after CMS said it owes Medicare rebates on its drugs that increased in price faster than inflation.

The Dow Jones Industrial Average (DJIA) ticked up about 0.1%, or 44 points, on below-average volume as investors await next week’s inflation reading and an interest rate decision from the Federal Reserve.

The Dow closed in the green for the fourth straight session, finishing the week up about 0.4%. The S&P 500 continued to rise, climbing 0.1%, after officially entering a bull market yesterday. The Nasdaq closed up about 0.2%.

Still riding on news of an executive shakeup, Salesforce (CRM) led the Dow higher, moving up 2.8%. Other Dow tech stocks also performed well, with International Business Machines (IBM) and Microsoft (MSFT) rising 0.7% and 0.5%, respectively. Apple (AAPL) shares gained 0.3%. 

UnitedHealth Group (UNH), which yesterday announced a 14% dividend hike, continued to climb, rising 0.7%. Merck & Co. (MRK) gained about 0.4%.

For the second straight session, Dow Chemical (DOW) was the worst-performing stock of the Dow 30, dropping 2%. Intel (INTC) shares lost about 1.5%, while retailers Walgreens Boots Alliance (WBA) and Home Depot (HD) sank 1.4% and 1.3%, respectively.

Shares of Amgen (AMGN) fell 0.9% after the Center for Medicare & Medicaid Services said the drugmaker owed Medicare for drugs that increased in price faster than inflation.