October 9, 2014: Markets opened lower on Thursday as crude oil prices continued to sink and the dollar strengthened. Every sector traded lower today even though new claims for unemployment benefits were below the consensus estimate and wholesale inventories improved somewhat. Shortly before the closing bell the DJIA traded down 1.83% for the day, the S&P 500 traded down 1.91%, and the Nasdaq Composite traded down 1.85%.
The Dow 30 stock posting the largest daily loss ahead of the close today was Caterpillar Inc. (NYSE: CAT) which traded down 3.09% at $93.66. The stock’s 52-week range is $81.87 to $111.46. The machinery maker had no news today, but the persistent slide in mining stocks is not good news for the company. Volume was about 10% above the daily average of around 4.6 million shares.
Exxon Mobil Corp. (NYSE: XOM) traded lower by 2.66% at $92.09. The stock’s 52-week range is $84.79 to $104.76. Volume was about 35% above the daily average of around 10 million shares. Even a World Bank arbitration verdict granting the company $1.6 billion for nationalized assets in Venezuela couldn’t overcome the slide in oil prices.
The Goldman Sachs Group Inc. (NYSE: GS) traded down 2.85% at $181.33 in a 52-week range of $151.65 to $189.5. Volume was about equal to the daily average of around 2.5 million shares. There was not specific news on the company today, but the financial sector dropped more than 2% today.
Visa Inc. (NYSE: V) traded down 2.05% at $208.00. The stock’s 52-week range is $180.11 to $235.50. Trading volume was about 10% below the daily average of around 2.4 million shares. The most heavily weighted stock among the Dow 30 did it’s part to add to the day’s misery..
All 30 of the DJIA index stocks are going to close lower today.
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