June 28, 2016: Markets opened higher Tuesday and every sector is recover a bit after two days of getting crushed by the Brexit vote. U.S. GDP rose 1.1% in the first quarter, slightly better than expected and helped keep shares trading higher throughout the day. Energy and financials, big losers the past two sessions, were Tuesday’s biggest gainers. A dead cat bounce or something more lasting? No one knows, but there are sure to be lots of opinions. WTI crude oil for August delivery settled at $47.85 a barrel, up 3.3% for the day. August gold slipped 0.5% on the day to settle at $1,317.90. Equities were headed for a higher close shortly before the bell as the DJIA traded up 1.48% for the day, the S&P 500 traded up 1.69%, and the Nasdaq Composite traded up 2.06%.
The DJIA stock posting the largest daily percentage gain ahead of the close Tuesday was JPMorgan Chase & Co. (NYSE: JPM) which traded up 3.29% at $59.51. The stock’s 52-week range is $50.07 to $70.61. Trading volume was about 50% higher than the daily average of around 15.5 million. A bit of a comeback after two days of beatings over the Brexit vote.
The Travelers Companies Inc. (NYSE: TRV) traded up 3.25% at $113.94. The stock’s 52-week range is $95.21 to $118.28. Volume was about equal to the the daily average of around 1.5 million shares. The insurance firm’s stock was upgraded this morning by BofA/Merrill Lynch.
Visa Inc. (NYSE: V) traded up 2.40% at $75.10. The stock’s 52-week range is $60.00 to $81.73. Trading volume was about 35% above the daily average of around 8.3 million shares. The U.S. Supreme Court will hear an appeal from Visa and rival MasterCard seeking to toss a suit claiming the two companies illegally fixed ATM fee charges.
Nike Inc. (NYSE: NKE) traded up 2.38% at $53.13. The stock’s 52-week range is $47.25 to $68.19. Volume was about 40% above the daily average of around 10 million shares. The sporting gear company reports earnings after the closing bell Tuesday.
Of the 30 Dow stocks 28 are set to close higher Tuesday and just 2 are on track to close lower.