Wall Street Completes a Mostly Upbeat Session in Positive Terrain
Oil tumbled and the upturn fizzled just short of record closures in the national indices as the trading session ended June 15, 2016.
The HVACR Business Stock Index rose 12.76 points, or 1.09 percent, and closed at 1182.63. Advancing issues climbed past declining issues at a 21-to-11 count.
The Institute for Supply Management reported that their manufacturing index improved to 51.3 in May, from 50.8 in April, boosted by a weaker dollar.
A.O. Smith reached an all-time high on June 9 of 85.39; AOS has a price target of $129.53 on its stock. The company is slated to report upcoming earnings on July 28. AOS increased 5.39 points, or 6.89 percent, and closed at 83.64.
Fiat Chrysler slid 1.09 points, or 14.25 percent. The company said its sales rose just 1 percent in May, typically the strongest month of the year for car-buying, and recent reports have shown a drop-off in car sales.
Dover Corp gained 4.74 points, or 7.30 percent. Dover announced plans to purchase Wayne Fueling for $780 million in cash.
U.S. shipments of residential gas storage water heaters for April 2016 shifted slightly to 366,436 units from 366,540 units shipped in April 2015, an overall 0.0 percent change.
Commercial gas storage water heater shipments decreased 7.3 percent in April 2016 to 9,030 units, down from 9,746 units shipped in April 2015.
Year-to-date combined shipments of central air conditioners and air-source heat pumps decreased 3.7 percent to 2,218,866 units, down from 2,304,783 units shipped in April 2015.