March 21, 2016: Markets opened lower on Monday on some weakness overnight in oil prices. The morning report on existing home sales weighed on equity prices as well. A number of merger announcements this morning helped lift stocks, with telecom and healthcare both leading the markets higher. WTI crude oil for April delivery settled at $39.91 a barrel, up about 1.2% as the contract expired. WTI for May delivery closed up 0.9% at $41.52. April gold dropped 0.8% to settle at $1,244.20 for the day. Equities were headed for a higher close shortly before the closing bell as the DJIA traded up 0.09% for the day, the S&P 500 traded up 0.05%, and the Nasdaq Composite traded up 0.18%.
The DJIA stock posting the largest daily percentage gain ahead of the close Monday was Nike Inc. (NYSE: NKE) which traded up 2.44% at $64.53. The stock’s 52-week range is $47.25 to $68.19. Trading volume was about 10% above the daily average of around 11 million. The sports gear maker reports quarterly results after Tuesday’s close.
Pfizer Inc. (NYSE: PFE) traded up 2.14% at $30.08. The stock’s 52-week range is $28.25 to $36.46. Volume reached about 35% below the daily average of around 40 million shares. The company said Monday that a phase 3 drug trial met primary and secondary endpoints.
Wal-Mart Stores Inc. (NYSE: WMT) traded up 1.73% at $68.11 The stock’s 52-week range is $56.30 to $83.90. Volume was about 40% below the daily average of around 12 million shares traded. The retail giant had no specific news on Monday.
The Boeing Co. (NYSE: BA) traded up 1.47% at $135.93. The stock’s 52-week range is $102.10 to $155.50. Trading volume was about 20% below the daily average of around 6.1 million. The aerospace company also had no specific news Monday.
Of the Dow 30 stocks 14 are set to close higher on Monday and 16 are on track to close lower.
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