Investing
The 4 Stocks That Boosted the Dow Wednesday
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June 29, 2016: Markets opened higher again Wednesday and every sector is again posting a gain as the closing bell approaches. A drawdown in U.S. crude oil inventories coupled with a weaker dollar pushed the energy sector to the day’s largest gain. The rally of the last two days may also be partially due to short covering; after all, the two days wrapped around the past weekend took a lot of air out of the markets and some shorts may have hopped in at the wrong time. Financials, basic materials, and healthcare also posted solid gains. WTI crude oil for August delivery settled at $49.88 a barrel, up 4.2% for the day. Â August gold rose 0.7% on the day to settle at $1,326.90. Equities were headed for a higher close shortly before the bell as the DJIA traded up 1.58% for the day, the S&P 500 traded up 1.67%, and the Nasdaq Composite traded up 1.88%.
The DJIA stock posting the largest daily percentage gain ahead of the close Wednesday was Nike Inc. (NYSE: NKE) which traded up 3.62% at $55.01. The stock’s 52-week range is $47.25 to $68.19. Volume was about triple the daily average of around 10 million shares. The sporting gear company reported earnings last night that were less than expected, but as shares dropped below $53 a lot of buying – and higher pricing – followed.
American Express Co. (NYSE: AXP) traded up 3.51% at $59.63. The stock’s 52-week range is $50.27 to $81.66. Trading volume was about equal to the daily average of around 4.9 million. Shares traded ex-dividend on Wednesday.
Merck & Co. Inc. (NYSE: MRK) traded up 2.66% at $57.06. The stock’s 52-week range is $45.69 to $60.07. Volume was about 25% below the daily average of around 8.8 million shares. The drug maker had no specific news.
The Boeing Co. (NYSE: BA) traded up 2.37% at $126.83. The stock’s 52-week range is $102.10 to $150.59. Trading volume was about 10% below the daily average of around 4.5 million shares. The aerospace giant had no specific news Wednesday.
Of the 30 Dow stocks 29 are set to close higher Wednesday and just 1 (Home Depot) is on track to close lower.
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