July 6, 2016: Markets opened lower again Wednesday, following international markets that traded lower overnight. The British pound posted a new 31-year low against the dollar before climbing back a little. The greenback also strengthened versus the euro. The FOMC minutes continued to indicate no rush for the Fed to raise rates. Healthcare led a swing higher for the day with consumer discretionary stocks contributing as well. WTI crude oil for August delivery settled at $47.43 a barrel, up 1.8% for the day. August gold added 0.6% on the day to settle at $1,367.10. 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 0.46%, and the Nasdaq Composite traded up 0.68%.
The DJIA stock posting the largest daily percentage gain ahead of the close Wednesday was Merck & Co. Inc. (NYSE: MRK) which traded up 2.16% at $59.25. The stock’s 52-week range is $45.69 to $60.07. Volume was about 15% above the daily average of around 8.9 million shares. The company had no specific news Wednesday.
The Home Depot Inc. (NYSE: HD) traded up 1.62% at $131.44. The stock’s 52-week range is $92.17 to $137.82. Trading volume was about 20% below the daily average of around 4.9 million shares. The home improvement firm had no specific news.
Cisco Systems Inc. (NASDAQ: CSCO) traded up 1.39% at $28.73. The stock’s 52-week range is $22.46 to $29.49. Volume was about 20% below the daily average of around 4.4 million shares. The networking giant had no specific news Wednesday.
JPMorgan Chase & Co. (NYSE: JPM) traded up 1.21% at $60.27. The stock’s 52-week range is $50.07 to $70.61. Trading volume was about 10% above the daily average of around 16 million. The big bank had no specific news Wednesday.
Of the 30 Dow stocks 22 are set to close higher Wednesday and 8 are on track to close lower.
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