April 8, 2016: Markets opened higher on Friday as energy prices rose overnight driving equity trading higher in both Asia and Europe. The U.S. wholesale trade data was lower than expected and combined with a revision to the Atlanta Fed’s GDPNow first-quarter forecast has slipped from a gain of 0.4% to a gain of just 0.1%. WTI crude oil for May delivery settled at $39.72 a barrel, up 6.6% for the day and boosting the weekly gain to 8%. June gold added 1.5% to settle at $1,243.80 for the day, up 1.7% compared with last week. Equities were headed for a mixed close shortly before the closing bell as the DJIA traded up 0.08% for the day, the S&P 500 traded up 0.15%, and the Nasdaq Composite traded down 0.08%.
The DJIA stock posting the largest daily percentage gain ahead of the close Friday was Chevron Corp. (NYSE: CVX) which traded up 1.19% at $95.92. The stock’s 52-week range is $69.58 to $112.20. Trading volume was about half the daily average of around 11.5 million. The increase was entirely due to Friday’s higher oil price.
American Express Co. (NYSE: AXP) traded up 0.99% at $59.44. The stock’s 52-week range is $50.27 to $81.92. Trading volume was about half the daily average of around 8.2 million. The credit card company had no specific news Friday.
United Technologies Corp. (NYSE: UTX) traded up 0.31% at $101.21. The stock’s 52-week range is $83.39 to $119.66. Volume was about 65% below the daily average of around 6.8 million shares traded. The company’s Pratt & Whitney jet engine division signed a contract on Thursday four of its Italian suppliers.
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JPMorgan Chase & Co. (NYSE: JPM) traded up 0.79% at $57.77. The stock’s 52-week range is $50.07 to $70.61. Volume was about 45% below the daily average of around 20.7 million shares. The bank had no specific news on Friday.
Of the Dow 30 stocks 17 are set to close higher on Friday and 13 are on track to close lower.
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