April 22, 2015: Markets opened higher again on Wednesday, fell briefly into the red, and then regained their footing to drift higher on light volume for most of the day. A better-than-expected report on existing home sales coupled with falling crude oil prices indicate some good news for consumers. Shortly before the closing bell the DJIA traded up 0.49% for the day, the S&P 500 traded up 0.51%, and the Nasdaq Composite traded up 0.42%.
The DJIA stock posting the largest daily percentage gain ahead of the close Tuesday was Visa Inc. (NYSE: V) which traded up 4.16% at $68.07. The stock’s 52-week range is $48.80 to $69.98, and the high was posted earlier today. Trading volume was about double the daily average of around 9.8 million shares. Investors were cheered by the opening of the China market to foreign credit card issuers.
McDonald’s Corp. (NYSE: MCD) traded up 3.12% at $97.83. The stock’s 52-week range is $87.62 to $103.78. Trading volume was about 2.5-times the daily average of around 7.4 million shares. The company reported first quarter results before markets opened and was able to clear a very low bar and promise a new get-well plan to mollify investors.
American Express Co. (NYSE: AXP) traded up 1.73% at $78.62. The stock’s 52-week range is $76.53 to $96.24. Trading volume was about 35% below the daily average of around 8.4 million shares. The company also stands to benefit from the opening of China’s market.
The Coca-Cola Co. (NYSE: KO) traded higher by 1.16% at $41.26. The stock’s 52-week range is $39.06 to $45.00. Trading volume was about 40% above the daily average of around 15 million shares. The company reported not-so-bad earnings this morning and investors are relieved.
Of the Dow 30 stocks 22 are set to close higher today and 8 are on track to close lower.