March 7, 2016: Markets opened lower on Monday on little new economic data. Asian markets closed mixed and European exchanges were following the same path. The energy and basic materials sectors led the gainers today, with oil trading up nearly 6% at one point. Iron ore miners continued a charge that began Friday. WTI crude oil for April delivery settled at $37.90 a barrel, up 5.5% on the day. That is the highest settlement price since last December. April gold fell 0.5% to settle at $1,264.00 for the day. Equities were headed for a mixed close shortly before the closing bell as the DJIA traded up 0.31% for the day, the S&P 500 traded down 0.01%, and the Nasdaq Composite traded down 0.26%.
The DJIA stock posting the largest daily percentage gain ahead of the close Monday was Chevron Corp. (NYSE: CVX) which traded up 2.76% at $90.36. The stock’s 52-week range is $69.58 to $112.20. Volume reached about 15% below the daily average of around 12.7 million shares. The company said had no specific news today, but a 5% hike in crude oil prices rarely hurts an oil company stock..
Caterpillar Inc. (NYSE: CAT) traded up 2.59% at $74.73. The stock’s 52-week range is $56.36 to $89.62. Trading volume was about 25% above the daily average of around 7.2 million. The heavy equipment maker had no specific news today, but it has extended its daily gain streak to nine days.
Exxon Mobil Corp. (NYSE: XOM) traded up 2.24% at $84.13. The stock’s 52-week range is $66.55 to $90.09. Trading volume was about 20% below the daily average of around 18.7 million. The company had no specific news today and, as with Chevron, the rising price of crude is doing the heavy lifting.
International Business Machines Corp. (NYSE: IBM) traded up1.76% at $140.23. The stock’s 52-week range is $116.90 to $176.30. Volume was about 20% below the daily average of around 5.4 million shares traded. The tech biggie had no specific news today, but was a standout in the tech sector, the poorest performing sector in today’s trading session.
Of the Dow 30 stocks 16 are set to close higher today and 14 are on track to close lower.
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