September 14, 2016: Markets opened higher Wednesday following a weak performance the day before. The energy sector did its best to drag the rest of the market down with it, but the tech and utilities sectors resisted. The blue chips have dipped below the break-even line as Apple’s gains were not enough to offset weakness at IBM and Boeing, two more heavyweights in the price-weighted DJIA. WTI crude oil for October delivery settled at $43.58 a barrel, down 2.9% for the day following a small drop in U.S. inventories. December gold closed up 0.2% on the day to settle at $1,326.10. Equities were headed for a mixed close shortly before the bell as the DJIA traded down by 0.21% for the day, the S&P 500 traded down by 0.09%, and the Nasdaq Composite traded up by 0.35%.
The DJIA stock posting the largest daily percentage loss ahead of the close Wednesday was American Express Co. (NYSE: AXP) which traded down 1.34% at $63.50. The stock’s 52-week range is $50.27 to $78.40. Volume was about 20% below the daily average of around 4.5 million shares. The company had no specific news, but continues to trail off on lack of faith that the Fed will raise interest rates next week.
International Business Machines Corp. (NYSE: IBM) traded down 1.23% at $153.90. The stock’s 52-week range is $116.90 to $164.95. Volume was about 15% below the daily average of around 3.4 million shares. The company had no specific news Wednesday.
Chevron Corp. (NYSE: CVX) traded down 1.18% at $98.26. The stock’s 52-week range is $75.10 to $107.58. Trading volume was about equal to the daily average of around 6.4 million. Falling oil prices hurt Chevron again Wednesday.
The Boeing Co. (NYSE: BA) traded down 1.00% at $127.47. The stock’s 52-week range is $102.10 to $150.59. Volume was about 15% below the daily average of around 3.6 million shares. CEO Dennis Muilenburg said that production of the 777 may be cut below the already planned cut from 8.3 a month to 7 per month. This could have a significant impact on cash flow, and has been a concern for months.
Of the 30 Dow index stocks 8 are on track to close higher Wednesday and 22 are set to close lower.
Sponsored: Find a Qualified Financial Advisor
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
