General Electric, Boeing Tank the DJIA Thursday
February 8, 2018 by Paul AusickFebruary 8, 2018: Markets opened barely mixed Thursday and proceeded to sink for the rest of the day. Volatility based on rising bond yields and January’s sharp rise in equity prices may share a good portion of the blame. Every S&P sector except utilities traded in the red, with financials and telecom faring worst.
WTI crude oil for March delivery settled at $61.15 a barrel, down 1% for the day. April gold added about 0.3% on the day to settle at $1,319.00. Equities were headed for a lower close close shortly before the bell as the DJIA traded down 3.08% for the day, the S&P 500 traded down 2.74%, and the Nasdaq Composite traded down 2.91%.
Bitcoin futures for February delivery traded at $8,380, up about 1.4% on the CBOE after opening at $8,190 this morning. The digital currency’s trading range for the day was $7,560 to $8,60.
The DJIA stock posting the largest daily percentage loss ahead of the close Thursday was
General Electric Co. (NYSE: GE) which traded down 4.52% at $14.56. The stock’s 52-week range is $14.60 to $30.59. Volume was about 15% above the daily average of around 90 million. The company had no specific news.
American Express Co. (NYSE: AXP) traded down 4.38%% at $89.51. The stock’s 52-week range is $75.51 to $102.39. Volume was around 3.8 million shares, about 10% more than the daily average of about 3.6 million. The company had no specific news Thursday.
Intel Corp. (NASDAQ: INTC) traded down 4.08%% at $43.36. The stock’s 52-week range is $33.23 to $50.85. Volume was less than 10% below the daily average of around 33 million shares. The company had no specific news Thursday.
The Boeing Co. (NYSE: BA) traded down 3.39% at $334.66. The stock’s 52-week range is $164.06 to $361.45. Volume was about 50% higher than the daily average of around 4.5 million shares. The company is reportedly in talks to acquire an aircraft parts maker.
Of the Dow stocks, none is on track to close higher Thursday and all 30 are set to close lower.
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