November 9, 2016: Markets opened lower again Wednesday following the unexpected results of Tuesday’s election. Overnight DJIA futures dropped some 800 points at one point, but equities gained strength throughout the day led by financials, healthcare, and industrials. The consumer staples sector, along with real-estate and utilities, traded lower late in the day. WTI crude oil for December delivery settled at $45.27 a barrel, up 0.6% for the day. December gold dropped less than 0.1% on the day to settle at $1,273.50. Equities were headed for a higher close before the bell as the DJIA traded up 1.39% for the day, the S&P 500 traded up 1.06%, and the Nasdaq Composite traded up 0.94%.
The DJIA stock posting the largest daily percentage gain ahead of the close Wednesday was Pfizer Inc. (NYSE: PFE) which traded up 8.53% at $32.56. The stock’s 52-week range is $28.25 to $37.39. Volume was nearly 5 times the daily average of around 20 million shares. Unlike hospital stocks that dived on the near-certain end of Obamacare, drug stocks soared on expectations of higher pricing following Tuesday’s elections.
Caterpillar Inc. (NYSE: CAT) traded up 7.68% at $91.18. The stock’s 52-week range is $56.36 to $93.20, and the high was posted today. Trading volume was nearly 4 times the daily average of around 4.4 million. The company had no news, but the possibility of a revivified coal industry in the U.S. put some air under the Cat today.
Merck & Co. Inc. (NYSE: MRK) traded up 6.60% at $54.51. The stock’s 52-week range is $47.97 to $65.00, a new high set today. Volume was about double the daily average of around 9.8 million shares. Another drug company soars on election results.
The Goldman Sachs Group Inc. (NYSE: GS) traded up 5.91% at $192.68. The stock’s 52-week range is $138.20 to $198.93. Volume of about 6.7 million was more than double the daily average of around 2.5 million shares. Financial stocks also got a boost from Tuesday’s election results.
Of the Dow 30 stocks 23 are on track to close higher Wednesday and 7 are set to close lower.