March 1, 2017: Markets opened higher Wednesday largely on the generally favorable reaction to Tuesday evening’s speech by President Donald Trump. Investors and business analysts still expect a rollback in regulation and a significant tax cut to bolster economic growth. The DJIA topped 21,000 this morning and looks set to close above that level for the first time ever. Only the utilities sector traded in the red late Wednesday, with energy stocks being the big winners. WTI crude oil for April delivery settled at $53.83 a barrel, down 0.3% on the day. April gold dropped 0.3% on the day to settle at $1,250.00. Equities were headed for a higher close shortly before the bell as the DJIA traded up 1.61% for the day, the S&P 500 traded up 1.50%, and the Nasdaq Composite traded up 1.41%.
The DJIA stock posting the largest daily percentage gain ahead of the close Wednesday was JPMorgan Chase & Co. (NYSE: JPM) which traded up 3.56% at $93.85. The stock’s 52-week range is $57.05 to $93.98, a new 52-week high set this afternoon. Volume was about 25% above the daily average of around 16 million shares. The big bank had nos specific news.
American Express Co. (NYSE: AXP) traded up 2.35% at $81.94. The stock’s 52-week range is $56.57 to $82.00, a new high posted this afternoon. Volume was about 20% below the daily average of around 22.2 million shares. The company had no specific news.
The Boeing Co. (NYSE: BA) traded up 2.26% at $184.31. The stock’s 52-week range is $118.25 to $184.80, a new high posted earlier Wednesday. Volume was about 40% below the daily average of around 9.4 million shares. The company had no specific news.
Caterpillar Inc. (NYSE: CAT) traded up 2.20% at $98.79. The stock’s 52-week range is $68.21 to $99.46. Volume was about equal to the daily average of around 4.5 million shares. The company had no specific news Wednesday.
Of the Dow 30 stocks, 28 are on track to close higher Wednesday and just two (Intel and Wal-Mart) are set to close lower.