S&P edges with defensive sectors leading gains

Investors waiting for updates regarding the new U.S. fiscal stimulus plan drove the stock markets to gains on Wednesday trading spearheaded by defensive sectors including Wall Street’s S&P 500 index.

The S&P 500 advanced 8.65 points, or 0.23%, to 3,809.84. Intel Corp gained the biggest in the S&P index, adding 7%. This came after the firm announced replacing its CEO.  VMware Inc. CEO Pat Gelsinger will take Bob Swan’s seat in the company.

Joining the gainers among the 11 major S&P sectors were utilities with a 1.9% gain and real estate with a 1.4% increase.

The Fed’s Beige Book released late in the afternoon of Wednesday nabbed some gains of the S&P 500 during the early hours of trade. The Beige Book noted the economy and inflation grew modestly as a result of slowed employment growth in most districts.

Meanwhile, the Dow Jones dropped 8.22 points, or 0.03%, to 31,060.47 while the Nasdaq Composite inched up 56.52 points, or 0.43%, to 13,128.95.

The S&P 500 recorded 44 new 52-week highs and no new lows; the Nasdaq Composite recorded 252 new highs and three new lows.