The 4 Stocks That Drove Thursday’s Market Higher
thinkstockDecember 18, 2014: Markets opened higher on Thursday after the Swiss National Bank cut its deposit rate to a negative 0.25% which leads many people to the conclusion that the European Central Bank is about to announce a cycle of…
December 18, 2014: Markets opened higher on Thursday after the Swiss National Bank cut its deposit rate to a negative 0.25% which leads many people to the conclusion that the European Central Bank is about to announce a cycle of quantitative easing. Crude oil was more than $2 a barrel higher early this morning before sliding to close down 4% at just over $54 a barrel. Shortly before the closing bell the DJIA traded up 1.98% for the day, the S&P 500 traded up 1.99%, and the Nasdaq Composite traded up 1.94%.
The DJIA stock posting the largest daily gain ahead of the close Thursday was Microsoft Corp. (NASDAQ: MSFT) which traded up 3.37% at $47.28. The stock’s 52-week range is $34.63 to $50.05. Trading volume about 20% below the daily average of around 35 million shares. There was no specific news today for the company, but traders apparently noted that the shares regained their 50-day moving average.
International Business Machines Corp. (NYSE: IBM) traded up 3.28% at $156.91. The stock’s 52-week range is $150.50 to $199.21. Trading volume was about 10% below the daily average of around 5 million shares. In a report from Reuters today Big Blue said it had a big year in its cloud business and is looking to expand again next year.
American Express Co. (NYSE: AXP) traded up 2.55% at $92.75. The stock’s 52-week range is $78.41 to $96.24. Trading volume about 25% below the daily average of around 4.4 million shares. Morgan Stanley initiated coverage of Amex today with an Overweight rating and a price target of $110.
Cisco Systems Inc. (NASDAQ: CSCO) traded higher by 2.74% at $27.55. The stock’s 52-week range is $20.77 to $27.99. Volume was about 10% below the daily average of around 28 million shares. R.W. Baird affirmed its Outperform rating on the stock today and raised the price target from $29 to $32.
Of the Dow 30 stocks 29 are set to close higher today and just 1 (Boeing) is on track to close lower.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
