December 5, 2016: Markets opened higher Monday but spend most of the day drifting lower with the blue chips sliding the most. The consumer discretionary, tech, and energy sectors performed best Monday with healthcare and industrials lagging. WTI crude oil for January delivery settled at $51.79 a barrel, up 0.2% on the day. February gold slipped 0.1% on the day to settle at $1,176.50. Equities were headed for a higher close shortly before the bell as the DJIA traded up 0.25% for the day, the S&P 500 traded up 0.56%, and the Nasdaq Composite traded up 0.96%.
The DJIA stock posting the largest daily percentage gain ahead of the close Monday was Nike Inc. (NYSE: NKE) which traded up 2.94% at $51.94. The stock’s 52-week range is $49.01 to $68.19. Volume was about equal to the daily average of around 9.3 million shares. The stock was upgraded from Hold to Buy at HSBC this morning.
Visa Inc. (NYSE: V) traded up 2.19% at $77.38. The stock’s 52-week range is $66.12 to $83.96. Trading volume was about equal to the daily average of around 9.7 million. Guggenheim Securities raised its rating on Visa from Neutral to Buy and put a price target of $89 on the shares..
The Goldman Sachs Group Inc. (NYSE: GS) traded up 2.08% at $227.99. The stock’s 52-week range is $138.20 to $229.20, a second consecutive new 52-week high. Volume was about 10% above the daily average of around 3.4 million shares. HSBC initiated coverage on the stock today with Buy rating and $250 price target.
JPMorgan Chase & Co. (NYSE: JPM) traded up 1.73% at $83.00. The stock’s 52-week range is $52.50 to $82.26, a new 52-week high posted this morning. Volume was about 15% below the daily average of around 17 million shares. HSBc also initiated coverage on JPMorgan with a Hold rating.
Of the Dow 30 stocks 17 are on track to close higher Monday and 13 are set to close lower.
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