June 8, 2016: Markets opened higher for a third straight day Wednesday boosted by rising crude oil prices and a falling dollar. An premarket jump in shares of LendingClub helped out until the opening bell. Lacking any significant economic data, and even any major earnings news, trading has been on the light side and in a pretty narrow range all day. The materials and industrials sectors led the gainers today, with energy and telecom the two sectors that finished lower. WTI crude oil for July delivery settled at $51.23 a barrel, up 1.7% for the day and the highest close since last July. August gold added 1.2% on the day to settle at $1,262.30. Equities were headed for a higher close shortly before the bell as the DJIA traded up 0.36% for the day, the S&P 500 traded up 0.34%, and the Nasdaq Composite traded up 0.27%.
The DJIA stock posting the largest daily percentage gain ahead of the close Wednesday was UnitedHealth Group Inc. (NYSE: UNH) which traded up 2.51% at $140.38. The stock’s 52-week range is $95.00 to $140.89. Volume was about 50% above the daily average of around 3.1 million shares.The healthcare giant boosted its dividend by 25% this morning.
Caterpillar Inc. (NYSE: CAT) traded up 1.78% at $78.18. The stock’s 52-week range is $56.36 to $88.81. Trading volume was about 15% below the daily average of around 5.6 million. The company said this morning that it will maintain its current annual dividend rate of $3.08 (yield of 4.03%).
Visa Inc. (NYSE: V) traded up 1.27% at $81.62. The stock’s 52-week range is $60.00 to $81.73, and the high was posted during Wednesday’s session. Volume was about 15% below the daily average of around 7.8 million shares. The credit card issuer had no specific news Wednesday.
Pfizer Inc. (NYSE: PFE) traded up 1.23% at $35.27. The stock’s 52-week range is $28.25 to $36.46. Trading volume was around 40% below the daily average of around 44 million shares. The company’s psoriatic arthritis treatment met a primary endpoint in a recent second phase III study.
Of the Dow 30 stocks 21 are set to close higher Wednesday and 9 are on track to close lower.
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