May 21, 2014: Markets opened higher on Wednesday and again there was no economic news of note today, except the release of the rather ho-hum FOMC minutes. After two days of losses, equities were back in favor today. Shortly before the closing bell the DJIA traded up 0.95%, the S&P 500 was up 0.79%, and the Nasdaq Composite traded up 0.85%.
The leading DJIA stock today was Goldman Sachs Group Inc. (NYSE: GS) which traded up 1.91% at $159.36 just before the closing bell. The company is reportedly selling metals warehousing business. Volume was about 30% below the daily average of around 3.3 million. The stock’s 52-week range is $148.71 to $181.13.
United Technologies Inc. (NYSE: UTX) traded higher by 1.53% to trade at $114.83 in a 52-week range of $90.30 to $120.66. The WSJ reported today that the U.S. Navy is discussing increased purchases of the company’s helicopters with other governments. Share volume was around 15% higher than the daily average of about 3.3 million shares.
Exxon Mobil Corp. (NYSE: XOM) traded up 1.31% at $102.01 in a 52-week range of $84.79 to $103.45. Volume was about 35% below the daily average of around 11 million shares. This week’s crude oil inventory report showed a massive drawdown which should be a plus for oil producers.
The Boeing Co. (NYSE: BA) traded up 1.6% at $130.97 today in a 52-week range of $96.31 to $144.57.. Share volume was about 25% below the daily average of around 4 million shares traded. Boeing’s CEO said today that he wanted the company to be more like Apple. Given those Apple margins, who can blame him?
Of the Dow 30 stocks 28 looked to close higher today while just 2 were on their way to a lower finish.