June 4, 2015: Markets opened lower on Thursday as investors await word that Greece plans to make its next loan repayment. IMF managing director Christine Lagarde encouraged the Fed to wait until the first half of next year to raise its policy rate. New claims for unemployment benefits declined more than expected in the last week of May, and other employment news was mixed. Shortly before the closing bell the DJIA traded down 1.01% for the day, the S&P 500 traded down 0.96%, and the Nasdaq Composite traded down 0.91%.
The DJIA stock posting the largest daily percentage loss ahead of the close Thursday was E. I. du Pont de Nemours and Company (NYSE: DD) which traded down 2.29% at $69.64. The stock’s 52-week range is $63.70 to $80.65. Trading volume totaled about 4 million shares, well short of the daily average of around 6.2 million. The company had no specific news today.
Verizon Communications Inc. (NYSE: VZ) traded down 2.12% at $48.04. The stock’s 52-week range is $45.09 to $53.66. Nearly 32 million shares traded hands today, more than double the daily average of around 14.8 million. The telecom giant is widely seen as the loser in the event a deal is reached and Dish Network merges with T-Mobile. Verizon’s massive debt related to its acquisition of the 40% of Verizon Wireless once owned by Vodafone makes it tough for the company to make a competing offer.
The Boeing Co. (NYSE: BA) traded down 1.78% at $141.11. The stock’s 52-week range is $116.32 to $158.83. Trading volume reached about 2.5 million shares, well below the daily average of around 3.9 million. The company had no specific news today.
Cisco Systems Inc. (NASDAQ: CSCO) traded lower by 1.67% at $28.61. The stock’s 52-week range is $22.49 to $30.31. Trading volume topped 20 million shares, well below the daily average of around 25.5 million. Some of the company’s top managers are being moved out as a new CEO prepares to take over.
Of the Dow 30 stocks 29 are set to close lower today and just 1 is on track to close lower.
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