February 3, 2016: Markets opened higher on Wednesday as a sinking greenback helped push up crude oil prices while downturns in Asia and Europe were mostly modest. Crude oil moved higher all day due both to dollar weakness and more hope that producer nations will band together to cut production. WTI crude oil for March settled up 8% today, at $32.28 after dropping more than 10% in the first two days of this week. April gold traded up 1.3% to settle at $1,141.30 for the day, the yellow metal’s highest settlement price in more than three months. Equities were headed for a mixed close shortly before the closing bell as the DJIA traded up 1.00% for the day, the S&P 500 traded up 1.36%, and the Nasdaq Composite traded down 0.41%.
The DJIA stock posting the largest daily percentage gain ahead of the close Wednesday was Exxon Mobil Corp. (NYSE: XOM) which traded up 4.53% at $77.97. The stock’s 52-week range is $66.55 to $93.45. Volume was about equal to the daily average of around 17.4 million shares. The energy producer was the beneficiary of the 8% jump in crude prices.
Caterpillar Inc. (NYSE: CAT) traded up 4.12% at $63.17. The stock’s 52-week range is $56.36 to $89.62. Trading volume was about equal to the daily average of around 6.8 million. The heavy equipment maker also benefits from higher crude prices as demand for more machinery rises.
The Boeing Co. (NYSE: BA) traded up 3.70% at $121.87. The stock’s 52-week range is $115.02 to $158.83. Trading volume was about 25% above the daily average of around 4.5 million. The company had no specific news today.
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Chevron Corp. (NYSE: CVX) traded up 3.66% at $84.20. The stock’s 52-week range is $69.58 to $112.93. Volume was about equal to the daily average of around 11.8 million shares traded. The company also got a boost from the rising price of crude oil today.
Of the Dow 30 stocks 21 are set to close higher today and 9 are on track to close lower.
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