Investing
JPMorgan, Goldman Sachs Lead Dow Higher Monday
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November 7, 2016: Markets opened higher again Monday and after reaching an intra-day high at about noon, drifted down slightly in the last hour or so of trading. The upbeat tone was set by overseas markets that reacted to the announcement by FBI Director Comey that the latest investigation in Hillary Clinton’s emails produced no actionable information. The S&P 500 index appears on track to end a 9-day losing streak, the longest in 36 years. All sectors traded higher Monday, led by financials and healthcare. WTI crude oil for December delivery settled at $44.89 a barrel, up 1.9% for the day. December gold dropped 1.9% on the day to settle at $1,279.40. Equities were headed for a higher close before the bell as the DJIA traded up 1.99% for the day, the S&P 500 traded up 2.14%, and the Nasdaq Composite traded up 2.38%.
The DJIA stock posting the largest daily percentage gain ahead of the close Monday was JPMorgan Chase & Co. (NYSE: JPM) which traded up 3.08% at $69.85. The stock’s 52-week range is $52.50 to $69.91, and the high was posted this afternoon. Volume was about 10% below the daily average of around 13.5 million shares. The big bank had no specific news, but prospects for a Fed interest rate increase is likely pushing the financial sector up.
Intel Corp. (NASDAQ: INTC) traded up 3.06% at $34.64. The stock’s 52-week range is $27.68 to $38.36. Trading volume was about 30% below the daily average of around 21 million. The company had no specific news today.
The Goldman Sachs Group Inc. (NYSE: GS) traded up 3.06% at $181.31. The stock’s 52-week range is $138.20 to $199.90. Volume was about 15% below the daily average of around 2.5 million shares. Another financial stock that got hot on hopes for an interest rate hike.
Microsoft Corp. (NASDAQ: MSFT) traded up 2.83% at $60.37. The stock’s 52-week range is $48.04 to $61.37. Volume of about 22 million was about 10% below the daily average of around 24.5 million shares. The company had no specific news Monday.
All 30 Dow index stocks traded higher Monday.
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