July 22, 2015: Markets opened lower again on Wednesday and positive news on the housing market soon after the opening bell moderated the loss somewhat, but ultimately had no lasting effect on the three major indexes which traded in the red all day. An unexpected increase in the crude oil inventory pushed prices down more than 3% to close solidly below $50 a barrel at $49.19. Gold closed lower for the 10th consecutive trading day. Shortly before the closing bell the DJIA traded down 0.55% for the day, the S&P 500 traded down 0.37%, and the Nasdaq Composite traded down 0.81%.
The DJIA stock posting the largest daily percentage loss ahead of the close Wednesday was Apple Inc. (NASDAQ: AAPL) which traded lower by 4.53%% at $124.82. The stock’s 52-week range is $93.02 to $134.54. Trading volume was more than double the daily average of around 47 million. The company’s earnings did not satisfy investors although the revenues and profits were good.
Microsoft Corp. (NASDAQ: MSFT) traded down 4.03% at $45.38. The stock’s 52-week range is $40.12 to $50.05. Trading volume remained about 50% above the daily average of around 34 million. As with Apple, investors were not charmed by the company’s quarterly results.
Caterpillar Inc. (NYSE: CAT) traded down 3.08% at $79.68. The stock’s 52-week range is $78.19 to $111.28. Nearly 9 million shares traded hands today, about double the daily average of around 4.4 million. The company reported weak sales figures ahead of Thursday’s scheduled earnings report.
International Business Machines Corp. (NYSE: IBM) traded down 1.87% at $160.01. The stock’s 52-week range is $149.52 to $196.40. Trading volume was was about 50% above the daily average of around 3.7 million. The company reported weaker-than-expected earnings after the close on Monday, and investors are taking a cue from Apple and Microsoft.
Of the Dow 30 stocks 21 are set to close lower today and 9 are on track to close higher.
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