Verizon, IBM Pace the Dow Higher Thursday
June 28, 2018 by Paul AusickJune 28, 2018: Markets opened mixed Thursday, but investors started moving back in after a down day Wednesday and equities are on their way to a positive finish for the day. All 10 sectors are on track for a gain although the energy stocks are up just 0.01%. Technology and telecom stocks were the day’s best performers. First-quarter GDP growth was revised down to 2%, but that happened before markets opened.
WTI crude oil for August delivery settled at $73.45 a barrel, up nearly 1% on the day. August gold dropped about 0.4% to settle at $1,251.00, the yellow metal’s fourth straight down day. Equities were headed for a higher close about 10 minutes before the bell as the Dow traded up 0.48% for the day, the S&P 500 traded up 0.66%, and the Nasdaq Composite traded up 0.83%.
Bitcoin futures (XBTN8) for July delivery traded at $6,085, down about 0.5% on the CBOE after opening at $6,125 this morning. The trading range today was $6,050 to $6,175.
The Dow stock posting the largest daily percentage gain ahead of the close Thursday was Verizon Communications Inc. (NYSE: VZ) which traded up 3.37% at $50.97. The 52-range on the stock is $42.80 to $54.77. Volume of around 16.6 million was about 10% higher than the daily average. The company had no specific news.
International Business Machines Corp. (NYSE: IBM) traded up 1.96% at $140.17 in a 52-week range of $137.45 to $171.13. Volume was about 20% below the daily average of around 4.7 million shares. Now might be a good time to revisit the stock.
JPMorgan Chase & Co. (NYSE: JPM) traded up 1.86% at $105.17. The stock’s 52-week range is $88.08 to $119.33. Volume was about 20% below the daily average of around 14.4 million shares. The company launched its mobile-only bank, Finn by Chase, today.
The Boeing Co. (NYSE: BA) traded up 1.69% at $335.40. The stock’s 52-week range is $196.45 to $347.48. Volume was about 40% below the daily average of around 4.3 million. The company had no specific news.
Of the Dow stocks, 25 are on track to close higher Thursday, and 5 are set to close lower.
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