JPMorgan, Boeing Hobble the Dow Friday

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April 13, 2018: Markets opened higher again Friday but sank into the red later in the morning. JPMorgan reported a big earnings beat this morning and both Citi and Wells Fargo also posted better-than-expected results. Political stories (Trump pardons Scooter Libby, Trump reconsiders TPP, Trump wants a deal with China) dominated the days news though and a rumored possible firing of Deputy Attorney General Rod Rosenstein could cap an already eventful week.

WTI crude oil for May delivery settled at $67.39 a barrel, up 0.5% for the day and up about 8.6% for the week. The IEA said this morning that global supply of and demand for oil is coming into balance. June gold added about 0.5% on the day to settle at $1,347.90 to close the week up 0.8%. Equities were headed for a lower close about 10 minutes before the bell as the Dow traded down 0.63% for the day, the S&P 500 traded down 0.38%, and the Nasdaq Composite traded down 0.53%.

Bitcoin futures (XBTJ8) for April delivery traded at $8,090, up about 5.1% on the CBOE after opening at $7,790 this morning. The digital currency’s trading range for the day was $7,740 to $8,230.

The Dow stock posting the largest daily percentage loss ahead of the close Friday was JPMorgan Chase & Co. (NYSE: JPM) which traded down 3.61% at $109.28. The stock’s 52-week range is $81.64 to $119.33. Volume was about 45% lower than the daily average of around 16.4 million shares. The big bank reported solid results this morning, but apparently not enough for investors.

The Boeing Co. (NYSE: BA) traded down 2.79% at $328.08. The stock’s 52-week range is $175.47 to $371.60. Volume was about 40% below the daily average of around 6.4 million. The company had no specific news Friday.

Intel Corp. (NASDAQ: INTC) traded down 1.97% at $51.68 in a 52-week range of $33.23 to $53.78. Volume of about 16 million shares was about 55% below the daily average. The company had no specific news.

The Goldman Sachs Group Inc. (NYSE: GS) traded down 1.86% at $254.78. The stock’s 52-week range is $209.62 to $262.50. Volume was about 30% below the daily average of around 3.6 million. The company had no specific news Friday.

Of the Dow stocks, 8 are on track to close higher Friday and 22 are set to close lower.