June 23, 2016: Markets opened higher for a fourth straight day Thursday, perhaps reflecting investors’ belief that Britain will vote to remain in the European Union. All ten stock sectors are on a path to close higher this afternoon led by financials and basic materials. European stocks closed higher for a fifth straight day. The British pound added a few ticks on the dollar and lost a few to the euro. WTI crude oil for August delivery settled at $50.11 a barrel, up 2% for the day. August gold slipped 0.5% on the day to settle at $1,263.10. Equities were headed for a higher close shortly before the bell as the DJIA traded up 1.05% for the day, the S&P 500 traded up 1.12%, and the Nasdaq Composite traded up 1.40%.
The DJIA stock posting the largest daily percentage gain ahead of the close Thursday was The Goldman Sachs Group Inc. (NYSE: GS) which traded up 2.82% at $152.32. The stock’s 52-week range is $139.05 to $215.80. Volume was about a third lower than the daily average of around 3.1 million shares. The investment bank had no specific news Thursday, but it and the other financial stocks on the DJIA stood to lose the most in the event of a Brexit. With sentiment on the side of “Remain,” financials got a boost.
Visa Inc. (NYSE: V) traded up 2.01% at $78.07. The stock’s 52-week range is $60.00 to $81.73. Trading volume was about 15% above the daily average of around 7.8 million shares. The credit card issuer had no specific news.
American Express Co. (NYSE: AXP) traded up 1.90% at $63.13. The stock’s 52-week range is $95.21 to $118.28. Volume was about 40% below the daily average of around 4.7 million shares. The company had no specific news.
JPMorgan Chase & Co. (NYSE: JPM) traded up 1.89% at $63.90. The stock’s 52-week range is $50.07 to $70.61. Trading volume was about 35% below the daily average of around 14.6 million. The big bank also had no specific news Thursday.
Of the Dow 30 stocks 26 are set to close higher Thursday and 4 are on track to close lower.
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