June 7, 2016: Markets opened higher again Tuesday as many investors see a June hike in the Fed’s policy rate as no longer on the table. Even a rate increase at the July FOMC meeting faces less than a one-in-four chance of being approved. Today’s leading sectors were energy and telecom while healthcare and utilities were Tuesday’s only two losers. WTI crude oil for July delivery settled at $50.36 a barrel, up 1.4% for the day and the highest close in more than 10 months. August gold dropped less than 0.1% on the day to settle at $1,247.00. Equities were headed for a mixed close shortly before the bell as the DJIA traded up 0.14% for the day, the S&P 500 traded up 0.14%, and the Nasdaq Composite traded down 0.15%.
The DJIA stock posting the largest daily percentage gain ahead of the close Tuesday was Chevron Corp. (NYSE: CVX) traded up 2.10% at $103.29. The stock’s 52-week range is $69.58 to $104.26. Volume was about equal to the daily average of around 7.6 million shares.The company had no specific news today, but rising crude prices are good news for Chevron.
Verizon Communications Inc. (NYSE: VZ) which traded up 2.05% at $51.75. The stock’s 52-week range is $38.06 to $54.49. Trading volume was about 10% below the daily average of around 1.3 million. The telecom giant is reportedly considering a $3 billion bid for Yahoo!.
Exxon Mobil Corp. (NYSE: XOM) traded up 1.63% at $90.79. The stock’s 52-week range is $66.55 to $90.92, and the high was posted earlier on Tuesday. Volume was about 20% below the daily average of around 11 million shares. The oil & gas giant also benefitted from crude oil settling above $50 a barrel.
Intel Corp. (NASDAQ: INTC) traded up 0.63% at $31.88. The stock’s 52-week range is $24.87 to $35.59. Trading volume was around 35% below the daily average of around 21.7 million shares. The world’s dominant chip maker had no specific news Tuesday..
Of the Dow 30 stocks 19 are set to close higher Tuesday and 11 are on track to close lower.
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