November 30 2016: Markets opened higher again Wednesday as oil prices started the day trading up on expectations that OPEC would reach an agreement on cutting back oil production. The EIA’s inventory report also came out today but not many people even noticed. Energy sector stocks traded up 5% late in the afternoon and utilities led the laggards, down about 2.7%. WTI crude oil for January delivery settled at $49.44 a barrel, up 9.3% on the day. February gold lost 1.4% on the day to settle at $1,173.90. Equities were headed for a mixed close before the bell as the DJIA traded up 0.27% for the day, the S&P 500 traded down 0.05%, and the Nasdaq Composite traded down 0.86%.
The DJIA stock posting the largest daily percentage gain ahead of the close Wednesday was The Goldman Sachs Group Inc. (NYSE: GS) which traded up 3.73% at $219.65. The stock’s 52-week range is $138.20 to $220.75. Volume was about 65% higher than the daily average of around 3.2 million shares. The investment bank had no specific news Tuesday, but former traded Steve Mnuchin has been named to be the new Secretary of the Treasury in the Trump administration. Mnuchin has said he favors rolling back parts of the Dodd-Frank legislation.
E. I. du Pont de Nemours and Co. (NYSE: DD) traded up 3.40% at $73.62. The stock’s 52-week range is $50.71 to $75.72. Volume was about 10% higher than the daily average of around 2.7 million shares. The company had no specific news Wednesday.
Chevron Corp. (NYSE: CVX) traded up 2.46% at $112.03. The stock’s 52-week range is $75.33 to $112.98, and the high was set around noon today. Volume was about 40% above the daily average of around 10.8 million shares. A 9% jump in crude oil prices is nothing to ignore.
Exxon Mobil Corp. (NYSE: XOM) traded up 2.24% at $87.82. The stock’s 52-week range is $71.55 to $95.55. Trading volume was about 40% above the daily average of around 10.8 million. Can’t beat a big jump in crude prices for putting some air under a share price. .
Of the Dow 30 stocks 11 are on track to close higher Wednesday and 19 are set to close lower.