May 4, 2017: Markets opened higher Thursday following a report that initial claims for jobless benefits fell by more than expected. The high spirits didn’t last long, and by the end of the day the energy had dropped nearly 2% and telecom had dropped nearly 1%. WTI crude oil for June delivery settled at $45.52 a barrel, down 4.8% on the day. June gold dropped 1.6% for the day to settle at $1,228.6, its lowest settlement price in about 7 weeks. Equities were headed for a third consecutive narrow and mixed close shortly before the bell as the DJIA traded down 0.05% for the day, the S&P 500 traded up 0.04%, and the Nasdaq Composite traded up 0.04%.
Stocks traded very near the break-even line just minutes before the closing bell. The closing tally could finish with either a small gain or a small loss for any or all of the indexes.
The DJIA stock posting the largest daily percentage gain ahead of the close Wednesday was Caterpillar Inc. (NYSE: CAT) which traded down 2.20% at $99.30. The stock’s 52-week range is $69.04 to $105.98. Volume was about 15% above the daily average of around 5.6 million. The company had no specific news, but low commodity prices are never good for the heavy equipment maker.
Chevron Corp. (NYSE: CVX) traded down 2.03% at $104.55. The stock’s 52-week range is $97.53 to $119.00. Volume was about equal to the daily average of around 6.3 million shares. Crude prices are at a pre-production cut level and that is not good for Chevron.
Exxon Mobil Corp. (NYSE: XOM) traded down 1.35% at $81.58. The stock’s 52-week range is $80.30 to $95.55. Volume was about 10% above the daily average of around 12 million shares. The company had no specific news, but, like Chevron, was hampered by low crude prices.
American Express Co. (NYSE: AXP) traded down 0.60% at $78.36. The stock’s 52-week range is $57.15 to $82.00. Volume was about 25% below the daily average of around 4 million shares. The company had no specific news Thursday.
Of the Dow stocks, 12 are on track to close higher Thursday and 18 are set to close lower.
Sponsored: Attention Savvy Investors: Speak to 3 Financial Experts – FREE
Ever wanted an extra set of eyes on an investment you’re considering? Now you can speak with up to 3 financial experts in your area for FREE. By simply
clicking here you can begin to match with financial professionals who can help guide you through the financial decisions you’re making. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
