December 2, 2015: Markets opened mixed on Wednesday and only the Nasdaq Composite was able to remain in positive territory until the afternoon release of the Fed’s Beige Book. U.S. crude oil inventories increased again this week and the coming meeting of OPEC ministers is unlikely to change the cartel’s year-old course of trying to maintain market share. WTI crude for January delivery traded down about 4.6% today to settle at $39.94 per barrel. Gold for February delivery traded down up about 0.9% to settle at $1,053.80 for the day, the yellow metal’s lowest settlement since February 2010. Equities were headed for a lower close shortly before the closing bell as the DJIA traded down 0.93% for the day, the S&P 500 traded down 1.13%, and the Nasdaq Composite traded down 0.63%.
The DJIA stock posting the largest daily percentage loss ahead of the close Wednesday was Exxon Mobil Corp. (NYSE: XOM) which traded down 2.80% at $79.60. The stock’s 52-week range is $66.55 to $95.33. Trading volume was about 25% below the daily average of around 14 million. The strength of the forces currently arrayed against oil producers cannot be overstated.
Chevron Corp. (NYSE: CVX) traded down 2.51% at $90.16. The stock’s 52-week range is $69.58 to $114.82. Trading volume was about 15% below the daily average of about 10 million. U.S. inventories rose again today and the Friday meeting of OPEC oil ministers is adding to the pressure on oil price and even on producers the size of Chevron and Exxon.
Pfizer Inc. (NYSE: PFE) traded down 2.26% at $32.86. The stock’s 52-week range is $28.47 to $36.46. Trading volume was about 35% below the daily average of about 33.4 million. The state of New Jersey is considering taking steps against companies involved in tax inversion deals. Allergan, which is incorporated in Ireland but run from New Jersey, is merging with Pfizer in a tax inversion deal.
JPMorgan Chase & Co. (NYSE: JPM) traded down 1.54% at $66.57. The stock’s 52-week range is $50.07 to $70.61. Volume was about 30% below the daily average of around 14.6 million shares traded. The big bank has kept its employee bonus pool flat with last year’s and teamed up with On Deck Capital for an online lending venture.
Of the Dow 30 stocks 28 are set to close lower today and just 2 are on track to close higher.
ALSO READ: America’s Best and Worst States to Live In
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
