The Dow Jones Industrial Average ( ^DJI) closed up 34 points (+0.3%) at 13,080. During the day, 624.3 million shares of the 30 Dow components have changed hands vs. an average daily trading volume of 818.6 million. The NYSE advances/declines ratio closed at 2,120 issues advancing vs. 863 declining with 116 unchanged. The Dow component that led the way higher today was Chevron (NYSE: CVX), which sported a $1.06 gain (+1%) bringing the stock to $106.41. This single gain lifted the Dow Jones Industrial Average by 8.02 points or roughly accounting for 23.6% of the Dow's overall gain. Volume for Chevron ended the day at 5.4 million shares traded vs. an average daily trading volume of 8.8 million shares. Chevron has a market cap of $212.53 billion and is part of the basic materials sector and energy industry. Shares are up 1.4% year to date as of Thursday's close. The stock's dividend yield sits at 3%. Chevron Corporation, through its subsidiaries, engages in petroleum, chemicals, mining, power generation, and energy operations worldwide. It operates in two segments, Upstream and Downstream. The company has a P/E ratio of eight, above the average energy industry P/E ratio of 7.9 and below the S&P 500 P/E ratio of 17.7. TheStreet Ratings rates Chevron as a buy. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, attractive valuation levels, good cash flow from operations and notable return on equity. We feel these strengths outweigh the fact that the company has had sub par growth in net income.
Holding the Dow back today was United Technologies (NYSE: UTX), which lagged the broader Dow index with a 27-cent decline (-0.3%) bringing the stock to $81.80. Volume for United Technologies ended the day at 3.7 million shares traded vs. an average daily trading volume of 4.4 million shares.
United Technologies has a market cap of $70.48 billion and is part of the conglomerates sector and conglomerates industry. Shares are up 12.3% year to date as of Thursday's close. The stock's dividend yield sits at 2.3%. United Technologies Corporation provides technology products and services to the building systems and aerospace industries worldwide. The company has a P/E ratio of 15.1, above the average conglomerates industry P/E ratio of 14.6 and below the S&P 500 P/E ratio of 17.7. TheStreet Ratings rates United Technologies as a buy. The company's strengths can be seen in multiple areas, such as its revenue growth, increase in stock price during the past year, growth in earnings per share, increase in net income and good cash flow from operations. We feel these strengths outweigh the fact that the company shows low profit margins.