April 13, 2016: Markets opened higher again on Wednesday after data on Chinese exports showed a gain of nearly 12%, more than double the expected 5% gain. Then crude prices fell after U.S. inventory data showed a solid increase on lower refinery usage and increased imports. Then the Fed’s Beige Book was released with the message that the U.S. economy is expanding moderately, at least enough not to toss a wrench into Wednesday’s equity gains. WTI crude oil for May delivery settled at $42.09 a barrel, down just 0.2% for the day after dipping to around $41.65 after the inventory report. June gold dipped 1% to settle at $1,248.30 for the day. Equities were headed for a higher close shortly before the closing bell as the DJIA traded up 1.05% for the day, the S&P 500 traded up 0.96%, and the Nasdaq Composite traded up 1.51%.
The DJIA stock posting the largest daily percentage gain ahead of the close Wednesday was JPMorgan Chase & Co. (NYSE: JPM) which traded up 4.60% at $62.01. The stock’s 52-week range is $50.05 to $70.61. Volume was about 50% above the daily average of around 20 million shares traded. The country’s largest bank reported earnings Wednesday morning that were not as awful as expected.
Caterpillar Inc. (NYSE: CAT) traded up 3.78% at $78.98. The stock’s 52-week range is $56.36 to $89.62. Volume was about 20% above the daily average of around 6.9 million shares. The heavy equipment maker said Wednesday morning that it will maintain its $0.77 quarterly dividend.
The Goldman Sachs Group Inc. (NYSE: GS) traded up 3.54% at $159.77. The stock’s 52-week range is $139.05 to $218.77. Trading volume was about 25% below the daily average of around 5 million. The company had now specific news, and is surfing in the wake of JPMorgan’s gains. Goldman reports first-quarter results next Tuesday.
The Walt Disney Co. (NYSE: DIS) traded up 2.25% at $99.54. The stock’s 52-week range is $86.25 to $122.08. Trading volume was about 25% less than the daily average of around 8.8 million. The media giant had no specific news on Wednesday.
Of the Dow 30 stocks 25 are set to close higher on Wednesday and 5 are on track to close lower.
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