December 6, 2016: Markets opened slightly higher Tuesday and the three major indexes moved within a fairly narrow range. Crude prices dropped back a little and now traders are trying to position themselves for an expected hike in the Fed’s policy rate at next week’s FOMC meeting. Tuesday’s sector leader was telecom, with financials also added some strength. WTI crude oil for January delivery settled at $50.93 a barrel, down 1.7% on the day. February gold slipped 0.5% on the day to settle at $1,170.10. Equities were headed for a higher close shortly before the bell as the DJIA traded up 0.10% for the day, the S&P 500 traded up 0.30%, and the Nasdaq Composite traded up 0.39%.
The DJIA stock posting the largest daily percentage gain ahead of the close Tuesday was Verizon Communications Inc. (NYSE: VZ) which traded up 1.26% at $50.38. The stock’s 52-week range is $43.79 to $56.95. Volume was about a third below the daily average of around 14.5 million shares. The company sold a part of its data center portfolio for $3.6 billion.
The Goldman Sachs Group Inc. (NYSE: GS) traded up 1.13% at $231.13. The stock’s 52-week range is $138.20 to $232.67, a third consecutive day of posting a new 52-week high. Volume was about 30% above the daily average of around 3.4 million shares. The investment bank had no specific news Tuesday.
Intel Corp. (NASDAQ: INTC) traded up 0.79% at $34.66. The stock’s 52-week range is $27.68 to $38.36. Trading volume was about 55% below the daily average of around 22 million. The company had no specific news.
Caterpillar Inc. (NYSE: CAT) traded up 0.75% at $95.16. The stock’s 52-week range is $56.36 to $97.39. Volume was about 40% below the daily average of around 5.3 million shares. The company had no specific news Tuesday.
Of the Dow 30 stocks 13 are on track to close higher Tuesday and 17 are set to close lower.
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