May 22, 2017: Markets opened higher Monday and although the ride has been a little bumpy, equities have remained around a narrow band near the indexes’ daily highs. Among the sectors, only energy is trading in the red as we approach the closing bell. Best performing sectors were utilities, consumer staples, and industrials. WTI crude oil for June delivery settled at $50.73 a barrel, up 0.8% on the day the June contract expires. WTI for July delivery settled at $51.13, up 0.9% for the day. June gold added 0.6% for the day to settle at $1,261.40. Equities were headed for a higher close shortly before the bell as the DJIA traded up 0.48% for the day, the S&P 500 traded up 0.56%, and the Nasdaq Composite traded up 0.84%.
The DJIA stock posting the largest daily percentage gain ahead of the close Monday was Cisco Systems Inc. (NASDAQ: CSCO) which traded up 1.85% at $31.78. The stock’s 52-week range is $27.13 to $34.60. Volume was about 40% above the daily average of around 19 million shares. The company had no specific news Monday.
The Boeing Co. (NYSE: BA) traded up 1.60% at $183.65. The stock’s 52-week range is $122.35 to $187.21. Volume was about 30% below the daily average of around 3 million shares. The company had no specific news but is expected to benefit from the deal announced by President Trump over the weekend of a massive weapons sale to Saudi Arabia.
3M Company (NYSE: MMM) traded up 1.38% at $198.50. The stock’s 52-week range is $163.85 to $199.90. Volume was about 35% lower than the daily average of around 1.9 million shares. The company had no specific news Monday.
UnitedHealth Group Inc. (NYSE: UNH) traded up 1.27% at $174.78. The stock’s 52-week range is $130.01 to $176.14. Volume was about 50% lower than the daily average of around 2.9 million. The company had no specific news.
Of the Dow stocks, 20 are on track to close higher Monday and 10 are set to close lower.