February 12, 2016: Markets opened higher on Friday as both the financial and energy sectors attracted investors again after being sold off earlier in the week. Financial stocks added more than 3.5% today, the downtrodden basic materials sector added more than 2.5%, and energy stocks added about 2.3%. WTI crude oil for March soared to settle at $29.44, up 12.3% today but, alas, still down 4.7% for the week. The gain marks oil’s biggest one day gain in more than 7 years. April gold slipped 0.7% to settle at $1,239.40 for the day, and posted a weekly gain of more than 7%, its best week since mid-December 2012. Equities were headed for a higher close shortly before the closing bell as the DJIA traded up 1.88% for the day, the S&P 500 traded up 1.86%, and the Nasdaq Composite traded up 1.63%.
The DJIA stock posting the largest daily percentage gain ahead of the close Friday was JPMorgan Chase & Co. (NYSE: JPM) which traded up 8.27% at $57.46. The stock’s 52-week range is $50.07 to $70.61. Trading volume was about 60% above the daily average of around 18.7 million. A sharp reversal from yesterday’s plunge after the big bank’s CEO, Jamie Dimon, bought $25 million in JPMorgan stock.
The Goldman Sachs Group Inc. (NYSE: GS) traded up 3.62% at $145.78. The stock’s 52-week range is $139.05 to $218.77. Trading volume was about 80% higher than the daily average of around 4 million. In addition to good feelings toward the financial sector today, Goldman paid $27.5 million to settle a lawsuit related to the subprime mortgage disaster.
The Travelers Companies Inc. (NYSE: TRV) traded up 3.59% at $107.50. The stock’s 52-week range is $95.21 to $116.48. Volume was about equal to the daily average of around 2 million shares. The company had no specific news today.
American Express Co. (NYSE: AXP) traded up 3.01% at $52.65. The stock’s 52-week range is $50.27 to $83.54. Volume was about 40% below the daily average of around 8 million shares traded. Another financial sector stock able to bask in the overall glow today.
Of the Dow 30 stocks 27 are set to close higher today and 3 are on track to close lower.
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