Travelers, American Express Lead DJIA Higher Monday
August 29, 2016: Markets opened higher Monday following the report that personal spending met expectations for a gain of 0.3% while inflation turned a 1.6% reading for July. Equity markets were mixed in Asia and slightly lower in Europe. A weaker dollar and lowered expectations for a Fed policy rate increase raised equities in all sectors by late afternoon. WTI crude oil for October delivery settled at $46.98 a barrel, down 1.4% for the day. December gold closed up less than 0.1% on the day to settle at $1,327.10. Equities were headed for a higher close shortly before the bell as the DJIA traded up by 0.56% for the day, the S&P 500 traded up 0.53%, and the Nasdaq Composite traded up 0.27%.
The DJIA stock posting the largest daily percentage gain ahead of the close Monday was The Travelers Companies Inc. (NYSE: TRV) which traded up 1.06% at $118.38. The stock’s 52-week range is $97.18 to $119.30. Volume was about 40% below the daily average of around 1.4 million shares. The company had no specific news.
American Express Co. (NYSE: AXP) traded up 1.03% at $65.46. The stock’s 52-week range is $50.27 to $78.40. Trading volume was about 25% below the daily average of around 4.5 million. The credit card issuer had no specific news.
E. I. du Pont de Nemours and Co. (NYSE: DD) traded up 1.01% at $70.35. The stock’s 52-week range is $47.11 to $75.72. Volume was about 40% below the daily average of around 3 million shares. The company had no specific news Monday.
Intel Corp. (NASDAQ: INTC) traded up 0.88% at $35.57. The stock’s 52-week range is $27.66 to $35.93. Volume was about half the daily average of around 22 million shares. The company was upgraded to Buy at Cowen this morning.
Of the 30 Dow index stocks 27 are on track to close higher Monday and just 3 are set to close lower.