June 6, 2016: Markets opened higher Monday on rising crude oil prices and expectations for Fed chairwoman Janet Yellen’s noon speech. Energy led the sectors all day, with basic materials coming second. Only the telecom and utilities sectors appeared headed for a lower close Monday. WTI crude oil for July delivery settled at $49.69 a barrel, up 2.2% for the day and the highest close since last July. August gold added 0.4% on the day to settle at $1,247.40. Equities were headed for a higher close shortly before the bell as the DJIA traded up 0.71% for the day, the S&P 500 traded up 0.58%, and the Nasdaq Composite traded up 0.64%.
The DJIA stock posting the largest daily percentage gain ahead of the close Monday was The Boeing Co. (NYSE: BA) which traded up 3.62% at $131.99. The stock’s 52-week range is $102.10 to $150.59. Trading volume was about 30 above the daily average of around 4.5 million. The aerospace giant could be in line for a significant order from Iran Air.
Caterpillar Inc. (NYSE: CAT) traded up 1.95% at $76.50. The stock’s 52-week range is $56.36 to $88.81. Volume was about 25% below the daily average of around 5.8 million shares.The company had no specific news today, but rising crude and basic materials prices usually boosts Cat’s stock as investors look forward to more sales of the company’s heavy equipment..
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Nike Inc. (NYSE: NKE) traded up 1.71% at $54.37. The stock’s 52-week range is $47.25 to $68.19. Volume was about 15% above the daily average of around 10 million shares. The sports gear maker had no specific news.
JPMorgan Chase & Co. (NYSE: JPM) traded up 1.29% at $65.47. The stock’s 52-week range is $50.07 to $70.61. Trading volume was around 30% below the daily average of around 15 million shares. CEO Jamie Dimon has indicated that if Britain leaves the European Union (Brexit), the bank may be forced to cut 4,000 jobs.
Of the Dow 30 stocks 27 are set to close higher Monday and just 3 are on track to close higher.
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