Verizon, Goldman Sachs Prop Up DJIA Wednesday

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January 24, 2018: Markets opened slightly higher Tuesday but all three major indexes spent some time in the red during the day. A weak dollar, which makes U.S. exports more attractive, got weaker still Wednesday and did its bit to push bond yields higher. Telecom and financial stocks lifted the equities markets while tech and utilities lagged.

WTI crude oil for March delivery settled at $65.61 a barrel, up 1.8% for the day, crude’s highest level in more than 3 years following another decline in U.S. oil stockpiles. February gold added about 1.5% on the day to settle at $1,356.30. Equities were headed for a mixed close shortly before the bell as the DJIA traded up 0.21% for the day, the S&P 500 traded flat, and the Nasdaq Composite traded down 0.58%.

Bitcoin futures for January delivery traded at $11,130, up about 0.3% on the CME after opening at $10,790 this morning. The digital currency’s trading range for the day was $10,435 to $11,455.

The DJIA stock posting the largest daily percentage gain ahead of the close Wednesday was
The Goldman Sachs Group Inc. (NYSE: GS) traded up 1.92% at $265.04. The stock’s 52-week range is $209.62 to $265.30, a new high posted this morning. Volume was about 15% above the daily average of around 2.9 million. The company had no specific news Wednesday.

Verizon Communications Inc. (NYSE: VZ) which traded up 1.71% at $54.14. The stock’s 52-week range is $42.80 to $54.60. Volume was about 10% below the daily average of around 17 million shares. The company had no specific news.

Nike Inc. (NYSE: NKE) traded up 1.42% at $68.10. The stock’s 52-week range is $50.35 to $68.15, a new high posted this afternoon. Volume was 40% below the daily average of around 9.5 million shares. The company had no specific news.

American Express Co. (NYSE: AXP) traded up 1.41% at $99.36. The stock’s 52-week range is $75.51 to $102.39. Volume was about 10% above the daily average of around 3.4 million shares. The company had no news Wednesday.

Of the Dow stocks, 17 are on track to close higher Wednesday and 13 are set to close lower.