February 22, 2016: Markets opened higher on Friday as sentiment for metals and mining rose sharply. Energy stocks were today’s top performers, but every sector traded higher by the late afternoon. WTI crude oil for April delivery settled at $31.48 a barrel, up about 6.2% on the day. The March contract settled $31.43, up about 6%, on its last day of trading. April gold slipped 1.4% to settle at $1,210.10 for the day. Equities were headed for a higher close shortly before the closing bell as the DJIA traded up 1.32% for the day, the S&P 500 traded up 1.35%, and the Nasdaq Composite traded up 1.34%.
The DJIA stock posting the largest daily percentage gain ahead of the close Monday was United Technologies Corp. (NYSE: UTX) which traded up 4.73% at $92.40. The stock’s 52-week range is $83.38 to $124.33. Trading volume was triple the daily average of around 6.3 million. The company is said to be in merger talks with Honeywell, and the regulatory issues need to be considered.
UnitedHealth Group Inc. (NYSE: UNH) traded up 3.04% at $121.26. The stock’s 52-week range is $95.00 to $126.21. Volume was about equal to the daily average of around 4 million shares traded. The company said today that it has received permission to begin talks with Iran Air to try to sell new planes to the national carrier.
Caterpillar Inc. (NYSE: CAT) traded up 2.92% at $67.33. The stock’s 52-week range is $56.36 to $89.62. Trading volume was about 40% below the daily average of around 7 million. The stock price reacted to the positive news that Medicare Advantage rates for 2017 will rise about 3.5%.
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Chevron Corp. (NYSE: CVX) traded up 2.72% at $88.86. The stock’s 52-week range is $69.58 to $112.20. Volume was about 25% below the daily average of around 12 million shares. The company also had no specific news today, but the rise in crude prices gave the stock a big boost.
Of the Dow 30 stocks 29 are set to close higher today and just 1 (Wal-Mart) is on track to close lower.
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