The 4 Stocks That Sank the DJIA on Thursday

Investing

Published: July 23, 2015 4:01 pm

Last Updated: April 28, 2020 6:18 am

July 23, 2015: Markets opened mixed on Thursday following a report that new claims for unemployment benefits fell to their lowest level since 1973. This is good news about jobs and, perhaps, even wages, but it could be the data point that pushes the Fed to raise interest rates sooner rather than later. Natural gas futures tumbled more than 3% after traders figured out that the increase to storage is creating an oversupply of the stuff, and gold futures put a halt to 10 straight days of lower prices, adding 0.2% to settle at $1,094.10 per ounce. Shortly before the closing bell the DJIA traded down 0.72% for the day, the S&P 500 traded down 0.64%, and the Nasdaq Composite traded down 0.54%.

The DJIA stock posting the largest daily percentage loss ahead of the close Thursday was 3M Company (NYSE: MMM) which traded lower by 3.92%% at $139.33. The stock’s 52-week range is $130.60 to $170.50. Trading volume was nearly double the daily average of around 2 million. The company’s earnings report included a cut to the top end of its profit outlook and a forecast for slow global growth.

Caterpillar Inc. (NYSE: CAT) traded down 3.80% at $76.73. The stock’s 52-week range is $76.65 to $109.73, and the low was posted today. Nearly 12 million shares traded hands today, more than double the daily average of around 4.4 million. The company reported weak results as sales of mining equipment faltered and the global economic outlook for the rest of the year does not support ideas of growth.

American Express Co. (NYSE: AXP) traded down 2.68% at $76.88. The stock’s 52-week range is $75.75 to $94.89. Trading volume remained about 50% above the daily average of around 34 million. The company reported weaker-than-expected earnings after the close Wednesday.

General Electric Co. (NYSE: GE) traded down 1.48% at $26.24. The stock’s 52-week range is $23.41 to $28.68. Trading volume was was about 40% below the daily average of around 31.5 million. The company had no specific news today.

Of the Dow 30 stocks 26 are set to close lower today and 4 are on track to close higher.

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