May 24, 2016: Markets opened higher Tuesday trailing along behind some strength in Europe exchanges due to rising expectations that the European Central Bank will kick out another round of easing after a weak report on German economic sentiment. The dollar rose against the euro today and all ten sectors posted gains with tech and financials leading the charge. WTI crude oil for July delivery settled at $48.62 a barrel, up 1.1% for the day. June gold dropped 1.7% on the day to settle at $1,229.20. The yellow metal has now turned five straight daily losses. Equities were headed for a higher close shortly before the closing bell as the DJIA traded up 1.28% for the day, the S&P 500 traded up 1.41%, and the Nasdaq Composite traded up 2.01%.
The DJIA stock posting the largest daily percentage gain ahead of the close Tuesday was Microsoft Corp. (NASDAQ: MSFT) which traded up 3.10% at $51.58. The stock’s 52-week range is $39.72 to $56.85. Volume was equal to the daily average of around 29 million shares. The software giant’s stock was upgraded to Outperform by analysts at Cowen & Co. this morning.
Intel Corp. (NASDAQ: INTC) traded up 2.83% at $31.08. The stock’s 52-week range is $24.87 to $35.59. Trading volume was about 20% below the daily average of around 22.4 million shares. The chipmaker had no specific news Tuesday either.
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Visa Inc. (NYSE: V) traded up 2.82% at $79.39. The stock’s 52-week range is $60.00 to $81.73. Trading volume was about 30% below the daily average of around 8.2 million. The credit card issuer had no specific news Tuesday.
American Express Co. (NYSE: AXP) traded up 2.15% at $64.96. The stock’s 52-week range is $50.27 to $81.92. Volume was about 40% below the daily average of around 5.2 million shares. Another rising financial stock that had no specific news.
Of the Dow 30 stocks 29 are set to close higher Monday and just 1 (Boeing) is on track to close lower.
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