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July 27, 2016: Markets opened higher again Wednesday ahead of the afternoon’s FOMC announcement on the Fed’s policy rate (unchanged). A slightly weaker dollar had little impact on oil prices, especially following the EIA report that inventories rose again last week. The S&P 500 index has traded lower most of the day but recently popped (barely) above the break-even line.The consumer staples and energy sectors posted the biggest losses on the day. WTI crude oil for September delivery settled at $41.92 a barrel, down 2.3% for the day. August gold closed up 0.5% on the day to settle at $1,326.70. Equities were headed for a mixed close shortly before the bell as the DJIA traded up 0.06% for the day, the S&P 500 traded down 0.05%, and the Nasdaq Composite traded up 0.65%.
The DJIA stock posting the largest daily percentage gain ahead of the close Wednesday was Apple Inc. (NASDAQ: AAPL) which traded up 7.21% at $103.64 The stock’s 52-week range is $89.47 to $123.82. Volume was about double the daily average of around 39 million shares. The company reported Tuesday afternoon and investors apparently believe that the lackluster results were better than they appeared.
Caterpillar Inc. (NYSE: CAT) traded 1.80% at $84.24. The stock’s 52-week range is $56.36 to $84.24. Trading volume was about 30% above the daily average of around 5 million. The company had no specific news, but a not entirely satisfactory earnings report yesterday has not slowed investor enthusiasm for the stock.
The Boeing Co. (NYSE: BA) traded up 1.10% at $136.16. The stock’s 52-week range is $102.10 to $150.59. Trading volume was about 20% above the daily average of around 4.2 million shares. The aerospace giant posted an expected loss this morning that was smaller than analysts had expected.https://a673b.bigscoots-temp.com/aerospace-defense/2016/07/27/why-boeing-earnings-could-be-better-than-they-look/
Verizon Communications Inc. (NYSE: VZ) traded up 0.92% at $55.31. The stock’s 52-week range is $38.06 to $56.95. Volume was about 10% above the daily average of around 13 million shares. The telecom giant had no specific news.
Of the 30 Dow index stocks 17 are on track to close lower Wednesday and 13 are set to close higher.
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