December 16, 2015: Markets opened higher on Wednesday and traded higher all day. The expected announcement of an increase of a quarter point in the fed funds rate was so well anticipated that had only a modest impact on the major indexes. Utilities, industrials, and telecom were putting up the largest gains today. WTI crude for January delivery lost about 4.9% today to settle at $35.521 per barrel. Gold for February delivery traded up about 1.4% to settle at $1,076.80 for the day, but the yellow metal dropped to around $1,067 in after-hours action after the FOMC announcement. Equities were headed for a higher close shortly before the closing bell as the DJIA traded up 1.36% for the day, the S&P 500 traded up 1.58%, and the Nasdaq Composite traded up 1.53%.
The DJIA stock posting the largest daily percentage gain ahead of the close Wednesday was General Electric Co. (NYSE: GE) which traded up 2.75% at $31.16. The stock’s 52-week range is $19.37 to $31.19, and the high was posted today. Trading volume was about 40% below the daily average of about 92 million. The company said late today that it expects a 15% increase in operating income in 2016.
The Goldman Sachs Group Inc. (NYSE: GS) traded up 2.48% at $186.53. The stock’s 52-week range is $167.49 to $218.77. Trading volume was about 15% lower than the daily average of around 3 million. The country’s big banks are expected to benefit as a result of the Fed rate hike.
JPMorgan Chase & Co. (NYSE: JPM) traded up 2.25% at $67.59. The stock’s 52-week range is $50.07 to $70.61. Volume was about 10% above the daily average of around 14.7 million shares traded. The big bank had no specific news today, but the Fed rate hike is good news for JPMorgan too.
United Technologies Corp. (NYSE: UTX) traded up 2.18% at $95.29. The stock’s 52-week range is $85.50 to $124.45. Trading volume was about 60% higher than the daily average of around 5 million. The company raised guidance on Monday and UBS added it to its Quality Growth at a Reasonable Price portfolio.
Of the Dow 30 stocks 28 are set to close higher today and just 2 are on track to close lower.
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