March 30, 2016: Markets opened higher on Wednesday as equity traders remain buoyant after Fed Chairwoman Janet Yellen’s remarks on Tuesday. The tech and consumer discretionary sectors led the markets higher today and only healthcare down fractionally. The ADP employment report came in right on target this morning, a good omen for Friday’s official numbers from the Bureau of Labor Statistics. WTI crude oil for May delivery settled at $38.32 a barrel, up 4 cents (0.1%) for the day, a sizeable drop following early trading up about 3.5%. June gold dropped 0.7% to settle at $1,228.60 for the day. Equities were headed for a higher close shortly before the closing bell as the DJIA traded up 0.54% for the day, the S&P 500 traded up 0.53%, and the Nasdaq Composite traded up 0.60%.
The DJIA stock posting the largest daily percentage gain ahead of the close Wednesday was Visa Inc. (NYSE: V) which traded up 2.03% at $76.91. The stock’s 52-week range is $60.00 to $81.01. Trading volume was about 40% below the daily average of around 10.8 million. Details of the credit card company’s deal with Costco, which takes effect June 20, were revealed today.
Apple Inc. (NASDAQ: AAPL) traded up 1.90% at $109.72. The stock’s 52-week range is $92.00 to $134.54. Trading volume was about 45% below the daily average of around 46 million. The company’s stock was upgraded from Market Perform to Outperform this morning at Cowen. The firm also raised its price target from $125 to $135 a share.
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3M Company (NYSE: MMM) traded up 1.54% at $166.93. The stock’s 52-week range is $134.00 to $167.70. Volume was about 30% below the daily average of around 2.7 million shares traded. The industrial giant offered lukewarm guidance on Tuesday, but the stock bounced back nicely in Wednesday’s trading.
Cisco Systems Inc. (NYSE: CSCO) traded up 1.49% at $28.52. The stock’s 52-week range is $22.46 to $29.90. Volume was about half the daily average of around 32 million shares. The networking giant had no specific news on Wednesday.
Of the Dow 30 stocks 24 are set to close higher on Wednesday and 6 are on track to close lower.
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