General Electric, Visa Lead DJIA Decline Friday

December 1, 2017 by Paul Ausick

December 1, 2017: Markets opened mixed Friday but the DJIA soon joined the other major indexes and all three spent the day in there. The announcement that former national security adviser Michael Flynn has been charged and will testify against President Trump sent shares sharply lower. The energy sector posted a positive result, but most other sectors traded lower, with industrials and materials leading the slide. WTI crude oil for January delivery settled at $58.36 a barrel, up just 1.7% for the day but down 1% for the week. February gold added 0.4% on the day to settle at $1,282.30. Equities were headed for a lower close shortly before the bell as the DJIA traded down 0.17% for the day, the S&P 500 traded down 0.23%, and the Nasdaq Composite traded down 0.41%.

The DJIA stock posting the largest daily percentage loss ahead of the close Friday was General Electric Co. (NYSE: GE) which traded down 2.10% at $17.91. The stock’s 52-week range is $17.46 to $32.38. Volume was about 15% lower than the daily average of around 74 million shares. The company said today it is cutting an unspecified number of jobs from its Power segment business.

Visa Inc. (NYSE: V) traded down 1.87% at $110.48. The stock’s 52-week range is $75.17 to $113.62. Volume was about little above the daily average of around 6.7 million shares. The credit card issuer had no specific news.

The Boeing Co. (NYSE: BA) traded down 1.81% at $271.79. The stock’s 52-week range is $150.02 to $278.72 and the high was posted this morning. Volume was about about 20% above the daily average of around 3.1 million shares. The aerospace company had no specific news.

DowDuPont Inc. (NYSE: DWDP) traded down 1.32% at $71.01. The stock’s 52-week range is $55.24 to $73.85. Volume was about 30% below the daily average of around 7.8 million. The company sold its Dow Agrosciences corn seed business in Brazil for $1.1 billion.

Of the Dow stocks, 16 are on track to close higher Friday and 14 are set to close lower.

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