January 6, 2015: Markets opened higher on Tuesday but by mid-morning all three major indexes had tumbled below the break-even line. Once again, falling prices for crude oil and concern over what will happen in Greece held the market down most of the day. Shortly before the closing bell the DJIA traded down 0.39% for the day, the S&P 500 traded down 0.38%, and the Nasdaq Composite traded down 0.80%.
The DJIA stock posting the largest daily loss ahead of the close Tuesday was JPMorgan Chase & Co. (NYSE: JPM) which traded lower by 2.07% at $59.30. The stock’s 52-week range is $52.97 to $63.49. Trading volume was about 50% above the daily average of around 15 million shares. Analysts at Goldman Sachs said yesterday that Chase could improve its valuation by 20% if it were broken into 4 separate businesses.
International Business Machines Corp. (NYSE: IBM) traded down 1.85% at $156.56. The stock’s 52-week range is $150.50 to $199.21. Trading volume is about 15% below the daily average of around 4.4 million shares. The company had no specific news today.
General Electric Co. (NYSE: GE) traded down 1.73% at $24.17. The stock’s 52-week range is $23.69 to $27.53. Trading volume was more than 50% above the daily average of around 35 million shares. Deutsche Bank downgraded the stock from Buy to Hold and cut the stock’s price target from $30 to $28.
United Technologies Corp. (NYSE: UTX) traded down 1.03% at $111.95. The stock’s 52-week range is $97.30 to $120.66. Trading volume was about 10% above the daily average of around 4.5 million shares. The company had no specific news today.
Of the Dow 30 stocks 19 are set to close lower today and 11 are on track to close higher.
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