Apple, McDonald’s Prop Up the DJIA on Wednesday
August 2, 2017 by Paul AusickAugust 2, 2017: Markets opened higher again Tuesday but two of the markets big indexes (the Nasdaq and the S&P 500) quickly turned negative. The ADP report on employment was weaker than expected and the telecom and real estate sectors weighed on the equities markets. Tech stocks, particularly Apple, and industrials were the best performing sectors. WTI crude oil for September delivery settled at $49.59 a barrel, up 0.9% for the day following the EIA’s inventory report. December gold dropped by $1.00 on the day to settle at $1,278.40. Equities were headed for a mixed close shortly before the bell as the DJIA traded up 0.17% for the day, the S&P 500 traded down 0.04%, and the Nasdaq Composite traded down 0.07.
The DJIA touche a new high of 22,036.10 this morning, marking the index’s first excursion above the 22,000 level.
The DJIA stock posting the largest daily percentage gain ahead of the close Wednesday was Apple Inc. (NASDAQ: AAPL) which traded up 5.11% at $157.71. The stock’s 52-week range is $102.53 to $159.75, and the high was posted this morning. Volume was more than double the daily average of around 27 million shares. The company reported better-than-expected results last night and analysts rewarded the world’s most valuable company this morning.
McDonald’s Corp. (NYSE: MCD) traded up 1.27% at $155.99. The stock’s 52-week range is $1103.33 to $159.98. Volume was about a third lower than the daily average of about 3.4 million shares. The fast-food giant had no specific news.
United Technologies Corp. (NYSE: UTX) traded up 1.08% at $120.16. The stock’s 52-week range is $97.62 to $124.79. Volume was about 40% below the daily average of around 2.6 million. The company had no specific news.
3M Company (NYSE: MMM) traded up 1.03% at $205.28. The stock’s 52-week range is $163.85 to $214.57. Volume was about 65% below the daily average of around 1.8 million shares. The industrial company had no specific news Wednesday.
Of the Dow stocks, 13 are on track to close higher Wednesday and 17 are set to close lower. Today’s four leading gainers account for more than 22% of the Dow’s price-weighted index.
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