March 9, 2016: Markets opened higher on Wednesday with energy and tech stocks leading the way. There was little economic news as traders and investors await a Thursday announcement from the European Central Bank on it policy rate. The ECB is expected to ease back on the rate. WTI crude oil for April delivery settled at $38.29 a barrel, up 4.9% on the day following a mixed report on U.S. inventories. April gold slipped 0.4% to settle at $1,257.40 for the day, a third consecutive losing day. Equities were headed for a higher close shortly before the closing bell as the DJIA traded up 0.13% for the day, the S&P 500 traded up 0.40%, and the Nasdaq Composite traded up 0.43%.
The DJIA stock posting the largest daily percentage gain ahead of the close Wednesday was Chevron Corp. (NYSE: CVX) which traded up 4.73% at $92.94. The stock’s 52-week range is $69.58 to $112.20. Volume reached about 25% above the daily average of around 12.6 million shares. Credit Suisse raised the company’s price target Wednesday, and the big positive move in crude oil prices helped as well.
Microsoft Corp. (NASDAQ: MSFT) traded up 2.23% at $52.80. The stock’s 52-week range is $39.72 to $56.85. Trading volume was about half the daily average of around 41 million. The software behemoth had no specific news.
Cisco Systems Inc. (NASDAQ: CSCO) traded up 2.00% at $27.59. The stock’s 52-week range is $22.46 to $29.90. Trading volume was about equal to the daily average of around 32 million. The company had no specific news Wednesday.
McDonald’s Corp. (NYSE: MCD) traded up 0.98% at $119.58. The stock’s 52-week range is $87.50 to $124.83. Volume was about 25% below the daily average of around 7.3 million shares traded. The fast food giant had no news.
Of the Dow 30 stocks 14 are set to close higher today and 16 are on track to close lower.
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