Apple, Chevron Push the Dow Higher Tuesday
Apple, Chevron, Exxon, and Visa were clustered at the top of the Dow stocks that posted gains Tuesday.
WTI crude oil for August delivery settled at $70.53 a barrel, up about 3.6% on the day. August gold dropped about 0.7% to settle at $1,259.90, the yellow metal’s lowest settlement to date in 2018. Equities were headed for a higher close about 10 minutes before the bell as the Dow traded up 0.12% for the day, the S&P 500 traded up 0.19%, and the Nasdaq Composite traded up 0.35%.
Bitcoin futures (XBTN8) for July delivery traded at $6,180, down about 1.3% on the CBOE after opening at $6,235 this morning. The trading range today was $6,125 to $6,280.
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The Dow stock posting the largest daily percentage gain ahead of the close Tuesday was Apple Inc. (NASDAQ: AAPL) which traded up 1.62% at $185.12. The 52-range on the stock is $142.28 to $194.20. Volume of around 18.6 million was about a third below the daily average of about 29.4 million. The company had no specific news.
Chevron Corp. (NYSE: CVX) traded up 1.34% at $124.25 in a 52-week range of $102.55 to $133.88. Volume was less than half the daily average of around 6.8 million shares. Oil producers got a boost from higher crude prices and a California judge’s dismissal of a climate change lawsuit against the companies.
Exxon Mobil Corp. (NYSE: XOM) traded up 1.17% at $80.67. The stock’s 52-week range is $72.16 to $89.30. Volume was about 40% below the daily average of around 13.4 million shares. The company had no specific news but got the same boosts as Chevron.
Visa Inc. (NYSE: V) traded up 1.33% at $132.67. The stock’s 52-week range is $93.19 to $136.69. Volume was about 15% below the daily average of around 7.4 million. The company said this morning that it will add $600 million to its litigation escrow fund, a move it claims has the same effect as a share repurchase.
Of the Dow stocks, 19 are on track to close higher Tuesday and 11 are set to close lower.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
