Goldman Sachs, Apple Sink DJIA on Wednesday

May 17, 2017 by Paul Ausick

May 17, 2017: Markets opened lower Wednesday as investors and traders appear to be pulling out of equities as uncertainty about U.S. politics continues its wild ride. Equities began the day lower and lost ground all day. U.S. 10-year Treasury yields have dipped to 2.21% as demand for bonds pushed prices higher. Financial stocks took the worst beating with tech stocks not far behind. WTI crude oil for June delivery settled at $49.07 a barrel, up 0.8% on the day. June gold added 1.8% for the day to settle at $1,258.70. Equities were headed for a sharply lower close shortly before the bell as the DJIA traded down 1.61% for the day, the S&P 500 traded down 1.63%, and the Nasdaq Composite traded down 2.33%.

The DJIA stock posting the largest daily percentage loss ahead of the close Wednesday was The Goldman Sachs Group Inc. (NYSE: GS) which traded down 5.44% at $213.33. The stock’s 52-week range is $138.20 to $255.15. Volume was about 80% higher than the daily average of around 3.7 million shares. The investment bank had no specific news.

JPMorgan Chase & Co. (NYSE: JPM) traded down 3.70% at $84.37. The stock’s 52-week range is $57.051 to $93.98. Volume was about 20% above the daily average of around 15 million shares. The big bank had no specific news.

Apple Inc. (NASDAQ: AAPL) traded down 3.09% at $150.67. The stock’s 52-week range is $91.50 to $156.65. Volume was about 75% higher than the daily average of around 24.4 million. The company had no specific news Tuesday.

E.I. du Pont de Nemours Inc. (NYSE: DD) traded down 2.75% at $76.93. The stock’s 52-week range is $61.12 to $82.37. Volume was about 40% below the daily average of around 3.1 million shares. The company had no specific news.

Of the Dow stocks, 5 are on track to close higher Wednesday and 25 are set to close lower.

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