August 26, 2016: Markets opened higher Thursday and went higher following Fed Chairwoman Janet Yellen’s speech in Jackson Hole. The Fed chief intimated that sentiment for another increase in the policy rate had “strengthened.” Vice-chairman Stanley Fischer cooled some of the buying enthusiasm by noting the possibility of a two rate hikes between now and the end of the year. Every sector traded in the red with utilities down the most. WTI crude oil for October delivery settled at $47.64 a barrel, up 0.7% for the day and down about 3% for the week. December gold closed up 0.1% on the day to settle at $1,325.90. The yellow metal closed the week down about 1.5%. Equities were headed for a mixed close shortly before the bell as the DJIA traded lower by 0.19% for the day, the S&P 500 traded down 0.08%, and the Nasdaq Composite traded up 0.18%.
The DJIA stock posting the largest daily percentage loss ahead of the close Friday was Verizon Communications Inc. (NYSE: VZ) which traded down 1.27% at $52.08. The stock’s 52-week range is $42.20 to $56.95. Volume was less than 10% below the daily average of around 13 million shares. The company had no specific news.
McDonald’s Corp. (NYSE: MCD) traded down 0.85% at $114.45. The stock’s 52-week range is $92.60 to $131.96. Trading volume was about 10% below the daily average of around 5.1 million. The fast-food purveyor had no specific news Friday.
E. I. du Pont de Nemours and Co. (NYSE: DD) traded down 0.75% at $69.71. The stock’s 52-week range is $47.11 to $75.72. Volume was about half the daily average of around 3 million shares. The company had no specific news Friday.
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The Home Depot Inc. (NYSE: HD) traded down 0.71% at $134.47. The stock’s 52-week range is $109.62 to $139.00. Volume was about 25% below the daily average of around 4.4 million shares. The company had no specific news on the day.
Of the 30 Dow index stocks 20 are on track to close higher Friday and 10 are set to close lower.
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