January 11, 2016: Markets opened higher again on Monday even though Shanghai’s exchange closed down more than 5%. Oil prices started the day higher, but that didn’t last as commodities in general took a beating today. WTI crude oil for February delivery traded down about 5.3% today to settle at $31.41, the lowest closing price since December 2003. Gold for February delivery traded lower by 0.2% to settle at $1,096.20 for the day, after gaining 3.6% last week. Equities were headed for a higher close shortly before the closing bell as the DJIA traded up 0.50% for the day, the S&P 500 traded up 0.29%, and the Nasdaq Composite traded up 0.09%.
The DJIA stock posting the largest daily percentage gain ahead of the close Monday was Cisco Systems Inc. (NASDAQ: CSCO) which traded up 2.14% at $25.31. The stock’s 52-week range is $23.03 to $30.31. Trading volume was equal to the daily average of around 26 million. The networking company had no specific news today.
Intel Corp. (NASDAQ: INTC) traded up 1.94% at $32.12. The stock’s 52-week range is $24.87 to $37.49. Trading volume was about 10% below the daily average of about 24million. The company has been reported to raising the price of its highest-performing new chip from around $1,000 to $1,500.
Apple Inc. (NASDAQ: AAPL) traded up 1.69% at $98.60. The stock’s 52-week range is $92.00 to $134.54. Volume was about equal to the daily average of around 44 million shares traded. The FT reported today that Apple Music now has 10 million paying subscribers. Apple is silent on the report.
Nike Inc. (NYSE: NKE) traded up 1.51% at $59.76. The stock’s 52-week range is $45.35 to $68.19. Trading volume was slightly above the daily average of around 9.1 million. The company may have bumped into a technical ceiling early this morning. Nike also had no specific news today. Shares likely got a boost from a downgrade on putative competitor Under Armour from Equal Weight to Underweight at Morgan Stanley.
Of the Dow 30 stocks 24 are set to close higher today and 6 are on track to close lower.
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