October 13, 2014: Markets opened lower on Monday, a holiday for all but the equity markets. There was no economic news of note, with reports of a railroad merger and a new CEO getting most of the headlines this morning. Shortly before the closing bell the DJIA traded down 1.22% for the day, the S&P 500 traded down 1.53%, and the Nasdaq Composite traded down 1.27%.
The Dow 30 stock posting the largest daily loss ahead of the close today was Merck & Co.) which traded down 4.07% at $56.27. The stock’s 52-week range is $44.62 to $61.33. The drug maker was hit by news of a successful trial of a competitor’s treatment for a rare nervous system disorder. Merck’s volume was about 30% above the daily average of around 8.4 million shares.
The Walt Disney Co. (NYSE: DIS) traded down 2.32% at $84.22 in a 52-week range of $65.78 to $91.20. Volume was about 25% above the daily average of around 5.8 million shares. The company said that its EuroDisney resort will receive an investment in its recently announced rights issue from its second largest shareholder, Saudi Prince Alwaleed bin Talal.
American Express Co. (NYSE: AXP ) traded down 2.34% at $83.00. The stock’s 52-week range is $75.10 to $96.24. Trading volume was equal to the daily average of around 3.9 million shares. The company is scheduled to report third quarter results on Wednesday.
The Home Depot Inc. (NYSE: HD) traded lower by 2.05% at $90.65. The stock’s 52-week range is $73.74 to $94.79. Volume was about 10% below the daily average of around 6.7 million shares. The company’s head of U.S. operations was named today as the new President and CEO-designate of J.C. Penney Co. Inc.
All 30 of the DJIA index stocks are headed to a lower close today.
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