December 13, 2017: Markets opened higher Wednesday after a report indicating the consumer price index showed only a modest rise in November. The Federal Reserve did raise its policy rate and suggested that three more raises might be appropriate for 2018 as the U.S. economy continues to expand. WTI crude oil for January delivery settled at $56.60 a barrel, down 1% for the day following the EIA’s weekly inventory report. February gold added 0.6% on the day to settle at $1,248.60. Equities were headed for a higher close shortly before the bell as the DJIA traded up 0.48% for the day, the S&P 500 traded up 0.13%, and the Nasdaq Composite traded up 0.36%.
Bitcoin futures for January traded at $16,880, down 6.3%, on the CBOE about an hour before settlement after opening at $18,010 this morning. Fewer than 2,000 contracts had been traded.
The DJIA stock posting the largest daily percentage gain ahead of the close Wednesday was Caterpillar Inc. (NYSE: CAT) which traded up 3.59% at $148.57. The stock’s 52-week range is $90.34 to $149.05. The high was posted this morning. Volume was about 35% above the daily average of around 3.4 million shares. The company’s board voted today to maintain the $0.78 per share quarterly dividend (2.17% yield).
Nike Inc. (NYSE: NKE) traded up 3.34% at $64.25. The stock’s 52-week range is $50.35 to $64.34. The high was posted this afternoon. Volume was about 10% higher than the daily average of around 10.2 million shares. The athletic gear maker had no specific news.
The Coca-Cola Co. (NYSE: KO) traded up 1.42% at $45.92. The stock’s 52-week range is $40.22 to $47.48. Volume was about about 30% below the daily average of around 10 million shares. The company had no specific news.
The Procter & Gamble Co. (NYSE: PG) traded up 1.31% at $91.03. The stock’s 52-week range is $83.24 to $94.67. Volume was about 65% below the daily average of around 74.3 million. The company had no specific news.
Of the Dow stocks, 19 are on track to close higher Wednesday and 11 are set to close lower.