October 5, 2016: Markets opened higher Wednesday following a couple of down days. The U.S. international trade deficit widened (not so good news), but the ISM non-manufacturing sector survey showed solid job growth in September. Energy led 8 of 11 sectors higher today with real estate and telecoms the big decliners. The report on U.S. crude inventories drove crude prices near $50 a barrel this morning. WTI crude oil for November delivery settled at $49.83 a barrel, up 2.3% for the day, and a three-month high. December gold closed down 0.1% on the day to settle at $1,268.60. Equities were headed for a higher close shortly before the bell as the DJIA traded up by 0.63% for the day, the S&P 500 traded up 0.44%, and the Nasdaq Composite traded up 0.51%.
The DJIA stock posting the largest daily percentage gain ahead of the close Wednesday was The Goldman Sachs Group (NYSE: GS) which traded up 2.55% at $166.41. The stock’s 52-week range is $138.20 to $199.90. Trading volume was about 30% below the daily average of around 2.7 million. The investment bank had no specific news Wednesday.
Caterpillar Inc. (NYSE: CAT) traded up 2.22% at $89.45. The stock’s 52-week range is $56.36 to $89.87, and the high was posted earlier Wednesday. Volume was about equal to the daily average of around 4.3 million shares. Caterpillar is the best performing Dow 30 stock for the first nine months of the year.
JPMorgan Chase & Co. (NYSE: JPM) traded up 2.01% at $67.94. The stock’s 52-week range is $52.50 to $69.03. Volume was less than 10% below the daily average of around 13.6 million shares. Goldman, JPMorgan, and Citi all rolled out callable bond sales today.
The Boeing Co. (NYSE: BA) traded up 1.93% at $134.80. The stock’s 52-week range is $102.10 to $150.59. Volume was about 40% below the daily average of around 3.2 million shares. The aerospace giant had no specific news Wednesday.
Of the 30 Dow index stocks 25 are on track to close higher Wednesday and 5 are set to close lower.