Investing
The Dow Sinks Again Wednesday as Caterpillar, General Electric Fade
Published:
Last Updated:
February 28, 2018: Markets opened higher Wednesday and bobbed around the break even line for most of the day The fourth-quarter GDP growth rate was trimmed from a prior estimate of 2.6% to 2.5%, but that was not enough to smother concern about a fourth interest rate hike this year by the Fed. The 10-year Treasury yield ticked down and the dollar ticked higher.
WTI crude oil for April delivery settled at $61.64 a barrel, down 2.2% for the day and 4% for the month following a larger-than expected increase in U.S. inventories. April gold dropped less than 0.1% on the day to settle at $1,317.90, down about 1.8% for the month. Equities were headed for a lower close about 10 minutes before the bell as the Dow traded down 1.26% for the day, the S&P 500 traded down 0.92%, and the Nasdaq Composite traded down 0.64%.
Bitcoin futures (XBTH8) for March delivery traded at $10,670, about flat on the CBOE after opening at $10,660 this morning. The digital currency’s trading range for the day was $10,340 to $11,040.
The Dow stock posting the largest daily percentage loss ahead of the close Wednesday was Caterpillar Inc. (NYSE: CAT) which traded down 3.44% at $155.72. The stock’s 52-week range is $90.34 to $173.24. Volume was about equal to the daily average of around 5.5 million. The company had no specific news Wednesday, but check out what a $1,000 investment in Cat stock back in 2009 would be worth today.
General Electric Co. (NYSE: GE) traded down 2.45% at $14.15. The stock’s 52-week range is $13.95 to $30.54. Volume was around 66 million shares, about 25% below the daily average of about 87 million. The company had no specific news.
DowDuPont Inc. (NYSE: DWDP) traded down 2.35% at $70.67. The stock’s 52-week range is $59.29 to $77.08. Volume was about 40% below the daily average of around 8.1 million shares. The company had no specific news.
UnitedHealth Group Inc. (NYSE: UNH) traded down 2.25% at $227.28. The stock’s 52-week range is $162.74 to $250.79. Volume was about 30% below the daily average of around 3.7 million shares. The company had no specific news Wednesday.
Of the Dow stocks, 7 are on track to close higher Wednesday and 23 are set to close lower.
Sponsored: Find a Qualified Financial Advisor
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
