February 19, 2016: Markets opened lower on Friday after the consumer price index data showed that inflation rose more than analysts expected in January, rising to 1.4% on the all-times index for the past 12 months. Core inflation came in at 2.2%, with the range of 2% to 2.5% the Fed has set as a target. Energy and basic materials led today’s losers. WTI crude oil for April (the most heavily traded contract now) settled at $32.87 a barrel, down 0.3% on the day. The March contract settled $30.77, up about 0.4%. April gold rose 0.4% to settle at $1,230.80 for the day but posted a weekly decline of 0.7%. Equities were headed for a mixed close shortly before the closing bell as the DJIA traded down 0.21% for the day, the S&P 500 traded down 0.07%, and the Nasdaq Composite traded up 0.36%.
The DJIA stock posting the largest daily percentage loss ahead of the close Friday was Intel Corp. (NASDAQ: INTC) which traded down 2.09% at $28.81. The stock’s 52-week range is $24.87 to $35.59. Trading volume was about 50% above the daily average of around 25 million. The company had no specific news today.
The Boeing Co. (NYSE: BA) traded down 1.94% at $115.30. The stock’s 52-week range is $102.10 to $158.83. Volume was about double the daily average of around 12 million shares traded. The company said today that it has received permission to begin talks with Iran Air to try to sell new planes to the national carrier.
Caterpillar Inc. (NYSE: CAT) traded down 1.13% at $65.37. The stock’s 52-week range is $56.36 to $89.62. Trading volume was about 35 below the daily average of around 7 million. The company had no specific news today, but another heavy equipment maker, Deere & Co., reported mixed results today and offered a weak outlook for the current quarter.
Chevron Corp. (NYSE: CVX) traded down 0.52% at $86.28. The stock’s 52-week range is $69.58 to $112.20. Volume was about 25% below the daily average of around 12 million shares. The company also had no specific news today, but low oil prices dragged the shares down today.
Of the Dow 30 stocks 20 are set to close lower today and 10 are on track to close higher.
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