January 26, 2016: Markets opened higher on Tuesday and kept the positive vibe going after an early morning dip. The Conference Board’s consumer confidence index rose by more than expected as consumers don’t seem to care that stock prices are falling. Leading sectors today included basic materials (read, oil) and industrials. WTI crude oil for March settled up about 3.7% today, at $31.45. February gold traded up 1.4% to settle at $1,120.20 for the day, the yellow metal’s highest settlement price since early November. Equities were headed for a lower close shortly before the closing bell as the DJIA traded up 1.81% for the day, the S&P 500 traded up 1.38%, and the Nasdaq Composite also traded up 1.04%.
The DJIA stock posting the largest daily percentage gain ahead of the close Tuesday was 3M Company (NYSE: MMM) which traded up 5.32% at $144.89. The stock’s 52-week range is $134.00 to $170.50. Volume rose to about 65% above the daily average of around 2.6 million shares. The industrial giant beat fourth-quarter estimates this morning.
Johnson & Johnson (NYSE: JNJ) traded up 4.40% at $100.64. The stock’s 52-week range is $81.79 to $105.49. Volume was about 60% higher than the daily average of around 7.7 million shares traded. The healthcare company also beat estimates when it reported 2015 earnings this morning.
Chevron Corp. (NYSE: CVX) traded up 3.71% at $83.89. The stock’s 52-week range is $69.58 to $112.93. Trading volume was 10% below the daily average of around 11.4 million. The company had no specific news today, but rising oil prices lifted the company’s boat today.
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Exxon Mobil Corp. (NYSE: XOM) traded up 3.41% at $76.50. The stock’s 52-week range is $66.55 to $93.45. Trading volume was about 15% below the daily average of around 16.7 million. Another stock price rise on higher crude prices today. Tomorrow brings the U.S. Energy Information Administration’s inventory report which is expected to show an increase of 4.1 million barrels in the U.S. commercial crude stockpile.
Of the Dow 30 stocks 29 are set to close higher today and just 1 (Coca-Cola) is on track to close lower.
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