May 27, 2016: Markets opened higher again Friday and all three major indexes traded higher for the entire session. The second U.S. first-quarter GDP estimate out this morning was lower than expected at up 0.8%, but better than the first estimate of 0.5%. Fed chairwoman Janet Yellen said that it is “probably” appropriate to raise interest rates, as other Fed officials have been saying. Of the ten business sectors, seven traded higher led by financials and consumer discretionary. Energy was Friday’s drag. WTI crude oil for July delivery settled at $49.33 a barrel, down 0.3% for the day but up 1.3% for the week. June gold dropped 0.5% on the day to settle at $1,213.80, an eighth straight daily loss, and a weekly loss of 3.1%. Equities were headed for a higher close shortly before the closing bell as the DJIA traded up 0.21% for the day, the S&P 500 traded up 0.38%, and the Nasdaq Composite traded up 0.55%.
The DJIA stock posting the largest daily percentage gain ahead of the close Friday was Verizon Communications Inc. (NYSE: VZ) which traded up 0.91% at $50.62. The stock’s 52-week range is $38.06 to $54.49. Trading volume was about 35% below the daily average of around 13.2 million shares. The company has apparently reached agreement on a four-year labor contract, ending the strike affecting about 40,000 workers.
UnitedHealth Group Inc. (NYSE: UNH) traded up 0.71% at $133.93. The stock’s 52-week range is $95.00 to $135.11. Trading volume was about 60% below the daily average of around 3.1 million. The health insurance giant had no specific news either.
Visa Inc. (NYSE: V) traded up 0.63% at $79.50. The stock’s 52-week range is $60.00 to $81.73. Volume was about 40% below the daily average of around 8 million shares.The company had no specific news Friday.
Nike Inc. (NYSE: NKE) traded up 0.60% at $56.17. The stock’s 52-week range is $47.25 to $68.19. Volume was about 30% below the daily average of around 9.3 million shares. The sports gear maker had no specific news Friday.
Of the Dow 30 stocks 21 are set to close higher Friday and 9are on track to close lower.
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