October 19, 2016: Markets opened mixed Wednesday, but the Nasdaq Composite soon came around to the plus side and all three major indexes have traded in the green throughout the day. As on Tuesday, the scarcity of economic data is focussing attention on corporate earnings. The energy sector is up nearly 1.75% on a big drop in inventories. Expectations are low for earnings, so the majority of firms that have reported have beat estimates. Imagine that. WTI crude oil for November delivery settled at $51.60 a barrel, up 2.6% for the day. December gold added 0.6% on the day to settle at $1,269.90. Equities were headed for a higher close before the bell as the DJIA traded up 0.33% for the day, the S&P 500 traded up 0.30%, and the Nasdaq Composite traded up 0.12%. https://247wallst.com/energy-economy/2016/10/19/crude-oil-inventory-plunges-december-futures-jump-to-near-52/
The DJIA stock posting the largest daily percentage gain ahead of the close Wednesday was American Express Co. (NYSE: AXP) which traded up 2.16% at $61.38. The stock’s 52-week range is $50.27 to $77.61. Trading volume was about 10% above the daily average of around 4 million. The company reports third-quarter results after the closing bell Wednesday.
Visa Inc. (NYSE: V) traded up 1.52% at $82.81. The stock’s 52-week range is $66.12 to $83.79. Volume was about 15% below the daily average of around 7.7 million shares. The credit card company raised its dividend.
The Goldman Sachs Group Inc. (NYSE: GS) traded up 1.30% at $174.87. The stock’s 52-week range is $138.20 to $199.90. Volume was about 15% above the daily average of around 2.6 million shares. The investment bank had no specific news Wednesday.
The Travelers Companies Inc. (NYSE: TRV) traded up 1.10% at $116.45. The stock’s 52-week range is $101.23 to $119.32. Volume was about 80% above the daily average of around 1.3 million shares. The insurance giant had no specific news.
Of the 30 Dow index stocks 23 are on track to close higher Wednesday and 7 are set to close lower.