June 2, 2016: Markets opened lower Thursday while investors waited to hear results from the OPEC meeting in Vienna. Alas, no change to the current policy sending oil prices lower for a while until the U.S. inventory report gave crude prices a push higher. The energy sector was still the day’s biggest loser, while the countercyclical healthcare sector carried stocks toward a positive finish. WTI crude oil for July delivery settled at $49.22 a barrel, up 0.4% for the day. June gold dropped 0.2% on the day to settle at $1,209.80. Equities were headed for a higher close shortly before the bell as the DJIA traded up 0.12% for the day, the S&P 500 traded up 0.13%, and the Nasdaq Composite traded up 0.21%.
The DJIA stock posting the largest daily percentage gain ahead of the close Thursday was E. I. du Pont de Nemours and Co. (NYSE: DD) which traded up 1.90% at $67.66. The stock’s 52-week range is $47.11 to $75.72. Trading volume was about 20% above the daily average of around 3.4 million. The chemicals maker had no specific news Wednesday, but apparently shrugged off a short seller attack on its Chemours spinoff.
Caterpillar Inc. (NYSE: CAT) traded up 1.69% at $73.49. The stock’s 52-week range is $56.36 to $88.81. Volume was about 30% below the daily average of around 5.8 million shares. Competitor Joy Global posted an unexpected quarterly profit this morning.
Johnson & Johnson (NYSE: JNJ) traded up 1.51% at $114.48. The stock’s 52-week range is $81.79 to $115.00. Trading volume was about 30% below the daily average of around 7.3 million shares. The healthcare company announced this morning that it has agreed to acquire hair-care products maker Vogue for $3.3 billion.
UnitedHealth Group Inc. (NYSE: UNH traded up 0.90% at $135.74. The stock’s 52-week range is $95.00 to $136.15, and the high was posted early Thursday. Volume was about equal to the daily average of around 3.1 million shares.The company has confirmed that it will leave the California, Wisconsin, and Illinois Obamacare exchange markets.
Of the Dow 30 stocks 20 are set to close higher Thursday and 10 are on track to close lower.
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