April 20, 2016: Markets opened slightly higher again Wednesday after an oil field strike in Kuwait ended, pushing oil prices down. Asian markets closed mixed on the day. Equities recovered quickly though on a smaller-than-expected rise in U.S. crude inventories. Energy stocks added about 1.5% on Wednesday. WTI crude oil for June delivery settled at $44.18 a barrel, up about 4% for the day. June gold added 10 cents to settle at $1,254.40 for the day. Equities were headed for a higher close shortly before the closing bell as the DJIA traded up 0.36% for the day, the S&P 500 traded up 0.16%, and the Nasdaq Composite traded up 0.26%.
The DJIA stock posting the largest daily percentage gain ahead of the close Wednesday was UnitedHealth Group Inc. (NYSE: UNH) which traded up 2.79% at $134.14. The stock’s 52-week range is $95.00 to $135.11, and the high was posted Wednesday. Trading volume was about 80% higher than the daily average of around 3.5 million. The company reported solid first-quarter results on Tuesday and later said it would get out of the Obamacare business in 22 states.
The Goldman Sachs Group Inc. (NYSE: GS) traded up 2.89% at $167.35. The stock’s 52-week range is $139.05 to $218.77. Volume was about 20% below the daily average of around 4.8 million shares. The financial sector appears to be Wednesday’s big sector winner, and Goldman led the charge.
American Express Co. (NYSE: AXP) traded up 2.69% at $65.28. The stock’s 52-week range is $50.27 to $81.92. Volume was about 15% below the daily average of around 7.6 million shares traded. The credit card issuer reports earnings after the close Wednesday.
International Business Machines Corp. (NYSE: IBM)) traded up 1.58% at $146.28. The stock’s 52-week range is $116.90 to $176.30. Trading volume was about 10% above the daily average of around 5.3 million. The tech giant dragged back some the losses it posted yesterday after a weak earnings report.
Of the Dow 30 stocks 17 are set to close higher on Wednesday and 13 are on track to close lower.
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