May 15, 2017: Markets opened higher Monday helped, perhaps, by the reported agreement between Saudi Arabia and Russia to extend the current production cuts to crude oil through the first quarter of 2018. Sector gains are widespread with only telecom down significantly. WTI crude oil for June delivery settled at $48.85 a barrel, up 2.1 on the day. June gold added 0.2% for the day to settle at $1,230.00. Equities were headed for a solidly higher close shortly before the bell as the DJIA traded up 0.38% for the day, the S&P 500 traded up 0.43%, and the Nasdaq Composite traded up 0.35%.
The DJIA stock posting the largest daily percentage gain ahead of the close Monday was Johnson & Johnson (NYSE: JNJ) which traded up 2.93% at $127.26. The stock’s 52-week range is $109.32 to $129.00. Volume was about equal to the daily average of around 6.3 million shares. The company’s stock was upgraded at J.P. Morgan this morning.
Cisco Systems Inc. (NASDAQ: CSCO) traded up 2.35% at $34.24. The stock’s 52-week range is $26.49 to $34.60. Volume was about 40% above the daily average of around 18.7 million shares. The company got a boost from Morgan Stanley on expectations that last week’s WannaCry ransomware attack will boost the Cisco’s share price.
Caterpillar Inc. (NYSE: CAT) traded up 1.67% at $102.39. The stock’s 52-week range is $69.04 to $105.98. Volume was about half the daily average of around 5.7 million. The company had no specific news Monday.
The Goldman Sachs Group Inc. (NYSE: GS) traded up 1.08% at $225.21. The stock’s 52-week range is $138.20 to $255.15. Volume was about half the daily average of around 3.7 million shares. The investment bank had no specific news Monday.
Of the Dow stocks, 19 are on track to close higher Monday and 11 are set to close lower.