April 12, 2016: Markets opened higher again on Tuesday as traders ignored the new earnings season that “officially” got off to a bumpy start with Alcoa missing revenue expectations. Earnings expectations have been cut considerably, so even a beat on earnings probably won’t have a oversized positive impact on share prices. Crude oil spiked in the afternoon on word that Russia and Saudi Arabia have agreed on a product freeze. WTI crude oil for May delivery settled at $42.17 a barrel, up 4.5% for the day and a new high for the year to date. June gold added 0.2% to settle at $1,290.90 for the day. Equities were headed for a higher close shortly before the closing bell as the DJIA traded up 0.83% for the day, the S&P 500 traded up 0.88%, and the Nasdaq Composite traded up 0.67%.
The DJIA stock posting the largest daily percentage gain ahead of the close Tuesday was Wal-Mart Stores Inc. (NYSE: WMT) which traded up 2.14% at $68.84. The stock’s 52-week range is $56.30 to $80.98. Volume was about 45% below the daily average of around 11 million shares traded. The world’s largest retailer also had no specific news Tuesday.
Chevron Corp. (NYSE: CVX) traded up 2.11% at $97.25. The stock’s 52-week range is $69.58 to $112.20. Trading volume was about 30% below the daily average of around 11.3 million. The company had no news Tuesday, just higher crude oil prices. That’s typically enough.
Caterpillar Inc. (NYSE: CAT) traded up 1.92% at $76.06. The stock’s 52-week range is $56.36 to $89.62. Volume was about 15% below the daily average of around 6.9 million shares. The heavy equipment maker typically trades in line with energy and basic materials, both of which were higher on Tuesday.
24/7 Wall St.Exxon Mobil Corp. (NYSE: XOM) traded up 1.15% at $84.28. The stock’s 52-week range is $66.55 to $90.09. Trading volume was less than half the daily average of around 16.5 million. The supermajor oil company had no specific news, but as with Chevron, higher crude prices are generally greeted warmly by investors.
Of the Dow 30 stocks 28 are set to close higher on Tuesday and just 2 are on track to close lower.
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