Boeing, Verizon Lift DJIA on Wednesday
July 26, 2017: Markets opened opened higher Wednesday and solid earnings reports from AT&T and Boeing kept the indexes in the green for the whole day. Telecom was the day’s best performing sector while basic materials was the worst. WTI crude oil for September delivery settled at $48.75 a barrel, up 1.8% for the day following the EIA report that U.S. inventories plunged last week. August gold add50 cents on the day to settle at $1,252.60. Equities were headed for a mixed close shortly before the bell as the DJIA traded up 0.42% for the day, the S&P 500 traded down 0.01%, and the Nasdaq Composite traded up 0.12%.
The DJIA stock posting the largest daily percentage gain ahead of the close Tuesday was Boeing Co. (NYSE: BA) which traded up 9.18% at $231.96. The stock’s 52-week range is $126.31 to $232.20 and the high was posted this afternoon. Volume was more than double the daily average of around 4.7 million. The company posted strong second quarter results this morning and is now the DJIA’s most heavily weighted component, surpassing Goldman Sachs.
Verizon Communications Inc. (NYSE: VZ) traded up 1.05% at $44.44. The stock’s 52-week range is $42.80 to $55.82. Volume was within 10% of the daily average of about 14.5 million shares. The company had no specific news, but one analyst suggested that the telecom company should sell itself to Comcast for a tidy $215 billion.
The Coca-Cola Co. (NYSE: KO) traded up 0.84% at $45.62. The stock’s 52-week range is $39.88 to $46.06. Volume was about 10% above the daily average of around 10.6 million shares. The company beat second quarter estimates this morning.
Chevron Corp. (NYSE: CVX) traded up 0.68% at $105.09. The stock’s 52-week range is $97.53 to $119.00. Volume was about 15% below the daily average of around 5.4 million shares. Rising crude prices gave shares a boost today.
Of the Dow stocks, 12 are on track to close higher Wednesday and 18 are set to close lower.