April 7, 2014: Markets opened lower on Monday and were on a downhill slide all day long. Momentum stocks again had a terrible day. At the close of trading today the DJIA was down 1.02%, the S&P 500 was down 1.08%, and the Nasdaq Composite was 1.16%.
Among the DJIA stocks Visa Inc. (NYSE: V) dropped 2.05% and closed at $203.45 in a 52-week range of $161.27 to to $235.50. Volume was nearly double the daily average of around 3.3 million shares traded. There was no significant news on the company today, but equities just were not in demand today.
Another non-performer today was The Goldman Sachs Group Inc. (NYSE: GS) which closed down 2.87% at $158.55 in a 52-week range of $137.29 to $181.13. Along with Visa and peer JPMorgan Chase & Co. (NYSE: JPM) the financial stocks had a pretty dismal day today. Visa’s volume was about 15% higher than the daily average of around 3.4 million shares traded.
Nike Inc. (NYSE: NKE) dropped 2.76% today, to close at $70.83 in a 52-week range of $58.33 to $80.26. Share volume was about 20% above the daily average of around 4 million shares traded. Consumer discretionary stocks were also unpopular today and Nike peer Under Armour Inc. (NYSE: UA) got an upgrade. Ouch.
Pfizer Inc. (NYSE: PFE) announced some good news over the weekend on its cancer drug. But that was not enough to spare the stock from today’s downturn. Shares closed at $31.20, down 2.99% in a 52-week range of $27.12 to $32.96. Volume was 75% above the daily average of 27 million shares traded.
Of the Dow 30 stocks only 7 closed higher today and 23 closed lower.