July 16, 2014: Markets opened higher on Wednesday following a report of better-than-expected Chinese GDP growth and a strong showing from some big tech stocks. A sharp drop in crude oil inventories also boosted big oil stocks today.Shortly before closing today the DJIA traded up 0.38% for the day, the S&P 500 traded up 0.39%, and the Nasdaq Composite traded up 0.30%.
The biggest percentage gainer among the Dow 30 today was Intel Corp. (NASDAQ: INTC) traded higher than 8.86% at $34.51, after posting a new 52-week high earlier in the afternoon. The stock’s new 2-week range is $21.89 to $34.52. Volume was more than 4-times higher than the daily average of around 30 million shares traded. Intel delivered strong quarterly results after markets closed last night.
Microsoft Corp. (NASDAQ: MSFT) traded up 3.78% at $44.08 today after posting a 52-week high of its own. The new 52-week range for the stock is $30.84 to $44.31. Volume was about double the daily average of around 27 million shares traded. Microsoft was reported to be ready to cut 1,000 jobs at its Nokia plants in Finland, and a boost to Intel’s outlook is a boost to the other half of the WinTel duo.
General Electric Co. (NYSE: GE) traded up 1.37% at $26.98 in a 52-week range of $22.92 to $28.09. Volume was about 50% above the daily average of around 26 million shares. GE gets a boost from announced sales of Boeing Co. (NYSE: BA) airplanes that use GE engines, and a report late in the day that the conglomerate is shopping its century-old appliance business.
Chevron Corp. (NYSE: CVX) traded up 1.13% at $130.72. The stock’s 52-week range is $109.27 to $33.57. Share volume was about 40% below the daily average of around 5.6 million shares traded. The surprisingly low crude oil inventory report boosted Chevron and fellow Dow 30 member Exxon Mobil Corp. (NYSE: XOM) today.
Of the Dow 30 stocks 17 are set to close higher today and 13 look to close lower.