Chase, Goldman Sachs Lead DJIA Higher Wednesday

Investing

Published: August 3, 2016 4:01 pm

Last Updated: January 13, 2020 4:57 am

August 3, 2016: Markets opened slightly lower Wednesday after the ADP employment report came in better than expected. Asian markets closed their sessions mostly lower, and the dollar traded higher against the euro, the British pound, and the Japanese yen. Crude oil traded higher after the report on U.S. inventories showed a sharp drop in gasoline supplies. The energy and financials sectors led stocks higher today, while utilities provided the biggest drag. WTI crude oil for September delivery settled at $40.83 a barrel, up 3.3% for the day. December gold closed down 0.6% on the day to settle at $1,364.70. Equities were headed for a higher close shortly before the bell as the DJIA traded up 0.12% for the day, the S&P 500 traded up 0.22%, and the Nasdaq Composite traded up 0.33%.

The DJIA stock posting the largest daily percentage gain ahead of the close Wednesday was JPMorgan Chase & Co. (NYSE: JPM) which traded up 1.45% at $64.57. The stock’s 52-week range is $28.25 to $37.39. Volume was about 40% below the daily average of around 15.3 million shares. The bank this morning announced a strategic partnership with high-speed trader Virtu.

The Goldman Sachs Group Inc. (NYSE: GS) traded up 1.35% at $158.16. The stock’s 52-week range is $50.07 to $69.42. Volume was about 40% of the daily average of around 3.3 million shares. The bank agreed to pay a $36.3 million fine related to unauthorized use and disclosure of private information.

Apple Inc. (NASDAQ: AAPL) traded up 1.25% at $105.79. The stock’s 52-week range is $89.47 to $123.82. Volume was about 35% below the daily average of around 37.3 million shares. Analysts at UBS raised their estimate of 2017 iPhone sales.

The Walt Disney Company (NYSE: DIS) traded up 1.07% at $96.03. The stock’s 52-week range is $86.25 to $120.65. Trading volume was less than 10% below the daily average of around 7.4 million. The company had no specific news Wednesday.

Of the 30 Dow index stocks 16 are on track to close higher Wednesday and 14 are set to close lower.

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