The 4 Stocks That Sank the Markets
thinkstockAugust 1, 2014: Markets opened lower on Friday after a weakish report on jobs pretty much guaranteed that the Fed will be in no hurry to raise interest rates. The bounce the market should have gotten after yesterday’s debacle just…
August 1, 2014: Markets opened lower on Friday after a weakish report on jobs pretty much guaranteed that the Fed will be in no hurry to raise interest rates. The bounce the market should have gotten after yesterday’s debacle just didn’t turn up. Shortly before closing today the DJIA traded down 0.37% for the day, the S&P 500 traded down 0.24%, and the Nasdaq Composite traded down 0.38%.
The stock posting the biggest percentage drop today was JPMorgan Chase & Co. (NYSE: JPM) which traded down 1.98% at $56.53 today in a 52-week range of $50.06 to $61.48. Volume was about 25% above the daily average of around 14 million shares traded. There was no specific news on the bank today.
The Goldman Sachs Group Inc. (NYSE: GS) traded down 1.42% at $170.38. The stock’s 52-week range is $151.33 to $181.13. Share volume was roughly flat with the daily average of around 2.5 million shares traded. Again, there was no specific news on the company today, but financials were having a bad day as the sector posting the biggest loss on the day.
American Express Inc. (NYSE: AXP) traded down 1.45% today at $86.73 in a 52-week range of $71.47 to $96.24. The credit card company lost 2.77% yesterday. Volume was more than 3-times above the daily average of around 3 million shares. Weakness in the consumer finance sector is taking its toll on Amex as well as plenty of the other stocks in the sector.
Verizon Communications Inc. (NYSE: VZ) traded lower by 0.97% at $49.88 today. Shares fell about 2.5% yesterday as well. The stock’s 52-week range is $45.08 to $53.66. Volume was about 10% above the daily average of around 14 million shares traded. The company had no news of note today.
Of the Dow 30 stocks 22 are set to close lower today and 8 are poised to close higher.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.