May 25, 2016: Markets opened higher again Wednesday on news that eurozone ministers have agreed to release the next tranche of bailout money to Greece. The dollar weakened and crude oil prices rose above $49.50 briefly. Energy, basic materials, and financials were the sector leaders Wednesday with only the utilities sector trading lower. WTI crude oil for July delivery settled at $49.56 a barrel, up 1.9% for the day. June gold dropped 0.4% on the day to settle at $1,223.80, a seven-week low. The yellow metal has now turned six straight daily losses. Equities were headed for a higher close shortly before the closing bell as the DJIA traded up 0.86% for the day, the S&P 500 traded up 0.70%, and the Nasdaq Composite traded up 0.66%.
The DJIA stock posting the largest daily percentage gain ahead of the close Wednesday was The Goldman Sachs Group Inc. (NYSE: GS) which traded up 2.44% at $161.44. The stock’s 52-week range is $139.05 to $218.77. Volume was 20% below the daily average of around 3.6 million shares. The investment bank said on Tuesday that it is raising a $1.5 billion fund to invest in private equity firms.
International Business Machines Corp. (NYSE: IBM) traded up 2.33% at $151.76. The stock’s 52-week range is $116.90 to $173.78. Trading volume was about 20% below the daily average of around 4.3 million shares. The tech company had no specific news Wednesday. Goldman and IBM combined account for nearly 12% of the DJIA’s price-weighted index average.
Caterpillar Inc. (NYSE: CAT) traded up 2.16% at $72.62. The stock’s 52-week range is $56.36 to $88.83. Trading volume was about 30% below the daily average of around 6 million. Rising materials prices is good news for Cat’s mining and logging equipment.
Merck & Co. Inc. (NYSE: MRK) traded up 1.67% at $56.53. The stock’s 52-week range is $45.69 to $61.70. Volume was about 20% below the daily average of around 8.9 million shares.The pharmaceutical firm had no specific news Wednesday.
Of the Dow 30 stocks 26 are set to close higher Wednesday and 4 are on track to close lower.
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