3M, Caterpillar Dominate the Dow Tuesday
October 24, 2017 by Paul AusickOctober 24, 2017: Markets opened higher Tuesday on the strength of solid earnings from 3M and Caterpillar. No significant economic news came out today, but durable goods orders are due tomorrow and Friday sees the first estimate of third-quarter GDP. Industrials and financials were the day’s best performing sector while real estate and healthcare lagged. WTI crude oil for December delivery settled at $52.47 a barrel, up 1.1% on the day. December gold dropped 0.2% on the day to settle at $1,278.30. Equities were headed for a higher close shortly before the bell as the DJIA traded up 0.74% for the day, the S&P 500 traded up 0.12%, and the Nasdaq Composite traded up 0.13%.
The DJIA stock posting the largest daily percentage gain ahead of the close Tuesday was 3M Company (NYSE: MMM) which traded up 6.36% at $235.65. The stock’s 52-week range is $163.85 to $238.90 and the high was posted this afternoon. Volume was more than three times the daily average of around 1.7 million shares. The industrial giant reported an earnings beat this morning and raised guidance.
Caterpillar Inc. (NYSE: CAT) traded up 4.93% at $138.18. The stock’s 52-week range is $80.33 to $140.44, also a new 52-week high. Volume was more than four times higher than the daily average of around 15.2 million. Another solid report from another industrial giant along with raised guidance.
American Express Corp. (NYSE: AXP) traded up 1.59% at $93.85. The stock’s 52-week range is $65.03 to $93.86, a new 52-week high. Volume was about 10% below the daily average of around 3.2 million shares. The company had no specific news.
JPMorgan Chase & Co. (NYSE: JPM) traded up 1.52% at $100.85. The stock’s 52-week range is $67.64 to $101.19, another new 52-week high. Volume was about 10% below the daily average of around 11.8 million shares. The big bank had no specific news Tuesday.
Of the Dow stocks, 18 are on track to close higher Tuesday and 12 are set to close lower.
24/7 Wall St.Sponsored: Find a Qualified Financial Advisor
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.