April 6, 2016: Markets opened higher on Wednesday following mixed trading in Asia. The dollar weakened and the release of the minutes from the FOMC’s March meeting gave equities an additional boost in the afternoon. The weekly crude oil inventory report boosted the energy sector to the day’s biggest gain. WTI crude oil for May delivery settled at $37.75 a barrel, up about 5.2% for the day. June gold lost 0.5% to settle at $1,223.80 for the day. Equities were headed for a higher close shortly before the closing bell as the DJIA traded up 0.56% for the day, the S&P 500 traded up 0.96, and the Nasdaq Composite traded up 1.42%.
The DJIA stock posting the largest daily percentage gain ahead of the close Wednesday was Pfizer Inc. (NYSE: PFE) which traded up 4.87% at $32.89. The stock’s 52-week range is $28.25 to $36.46. Trading volume was nearly 3 times the daily average of around 47 million. The drug giant has abandoned its proposed merger with Allergan.
Merck & Co. Inc. (NYSE: MRK) traded up 2.57% at $55.63. The stock’s 52-week range is $45.69 to $61.70. Trading volume was about 15% below the daily average of around 11 million. The drugmaker had no specific news Wednesday.
Chevron Corp. (NYSE: CVX) traded up 2.36% at $94.85. The stock’s 52-week range is $69.58 to $112.20. Volume was about half the daily average of around 11.8 million shares. The company expects to re-start its Gorgon natural gas project offshore of Australia in 30 to 60 days.
Visa Inc. (NYSE: V) traded up 1.51% at $78.13. The stock’s 52-week range is $60.00 to $81.01. Volume was about 50% lower than the daily average of around 5 million shares traded. The financial services company had no specific news on Wednesday.
Of the Dow 30 stocks 23 are set to close higher on Wednesday and 7 are on track to close lower.
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