Nike, Microsoft Push DJIA Higher Tuesday
September 27, 2016: Markets opened slightly higher Tuesday even though the crude oil trade was crushed by word that there is no production freeze in the near-term frame. The tech, financial, and consumer discretionary sectors pushed equities higher, while utilities, real estate, and energy acted as anchors. WTI crude oil for November delivery settled at $44.67 a barrel, down 2.7% for the day. December gold closed down 1% on the day to settle at $1,330.40. Equities were headed for a higher close shortly before the bell as the DJIA traded up by 0.69% for the day, the S&P 500 traded up 0.58%, and the Nasdaq Composite traded up 0.88%.
The DJIA stock posting the largest daily percentage gain ahead of the close Tuesday was Nike Corp. (NYSE: NKE) traded up 1.92% at $55.45. The stock’s 52-week range is $51.48 to $68.19. Volume was about 10% above the daily average of around 9.1 million shares. The athletic gear company reports quarterly earnings after Tuesday’s closing bell.
Microsoft Corp. (NASDAQ: MSFT) which traded up 1.70% at $57.87. The stock’s 52-week range is $43.05 to $58.70. Volume was about 25% below the daily average of around 26.3 million shares. The software giant had no specific news Tuesday.
International Business Machines Corp. (NYSE: IBM) traded up 1.57% at $156.40. The stock’s 52-week range is $116.90 to $164.95. Volume was about 30% below the daily average of around 3.3 million shares. The technology services giant had no specific news.
Cisco Systems Inc. (NASDAQ: CSCO) traded up 1.35% at $31.49. The stock’s 52-week range is $22.46 to $31.95. Trading volume was less than half the daily average of around 22.7 million. The company had no specific news Tuesday.
Of the 30 Dow index stocks 29 are on track to close higher Tuesday and just 1 is set to close lower.