The stock market took a hit from sellers mid-day, but fortunately the markets recovered enough that only the Dow was in the red at the closing bell. Stocks were even mixed on a day after the MLK holiday, despite having no serious economic reports worth noting. To highlight the selloff, there are seven DJIA stocks which are now down close to 10% (or more (from their highs).
All in all, this was a boring return from a holiday weekend despite earnings season being underway. Here is just how mixed this market was on the day, with closing prices being unofficial:
- DJIA -42.90 at 16,415.66
- S&P 500 index +5.10 at 1,843.80
- NASDAQ +28.18 at 4,225.76
24/7 Wall St. has decided to focus on the two top winners and two top losers of the day, because without their the performance the DJIA would have turned out far different. These are the stocks that dominated the DJIA on Tuesday.
The Boeing Co. (NYSE: BA) was higher by almost 1% at $141.75, just shy of an all-time high. The excitement here is around continued aerospace orders, and the $140 handle makes Boeing on the key price contributors as it is among the top 5 weightings in the price-weighted index.
The Coca-Cola Company (NYSE: KO) is rarely among the leaders on the Dow, but the defensive stock performed handily on a mixed trading day. Shares of the beverage giant were up 1.6% at $39.93, which now gets it to within 10% of the 52-week high again. This may simply have been bargain buying, even if the defensive stock is expensive on an earnings multiple basis.
The Goldman Sachs Group, Inc. (NYSE: GS) was the leading loser in percentage terms, and its top-five components due to the high share price made the weakness stand out even more. Goldman Sachs was down 1.8% at $173.08 on the day.
The Travelers Companies, Inc. (NYSE: TRV) reported fair enough earnings, but a sell the news mentality dominated its fate. Shares were down by 1.72% at $84.99 right at the closing bell.
Alcoa Inc. (NYSE: AA) is really just a runner-up as it was booted off the DJIA last year, just in time for it to become what would have been the DJIA’s top performing stock of the year. An analyst upgrade was the driving force here – JPMorgan raised it to Overweight from Neutral and the firm set the street-high price target of $15 for the aluminum player. Alcoa shares were up almost 7% at $12.15 in the final minutes of the trading day.