April 21, 2016: Markets opened about flat Thursday as investors and traders tried to balance remarks from European Central Bank president Mario Draghi (low rate will last longer), with falling crude oil prices, and U.S. quarterly earnings. The only sector trading in the green this afternoon is healthcare while the telecoms sector was the big loser followed by utilities. WTI crude oil for June delivery settled at $43.18 a barrel, up down 2.3% for the day. June gold dropped 0.3% to settle at $1,250.30 for the day. Equities were headed for a lower close shortly before the closing bell as the DJIA traded down 0.56% for the day, the S&P 500 traded down 0.49%, and the Nasdaq Composite traded down 0.06%.
The DJIA stock posting the largest daily percentage loss ahead of the close Thursday was The Travelers Companies Inc. (NYSE: TRV) which traded down 5.48% at $109.45. The stock’s 52-week range is $95.21 to $118.28. Trading volume was more than double the daily average of around 1.8 million. The company missed profit estimates, but raised its dividend–to no avail apparently.
Verizon Communications Inc. (NYSE: VZ) traded down 3.63% at $49.87. The stock’s 52-week range is $38.06 to $54.49. Volume was about 60% above the daily average of around 16.8 million shares. The telecom giant missed revenue estimates this morning and the stock was punished during the trading session.
24/7 Wall St.McDonald’s Corp. (NYSE: MCD) traded down 2.12% at $125.82. The stock’s 52-week range is $87.50 to $129.80. Volume was about equal to the daily average of around 6.9 million shares traded. The fast food giant reports first quarter results Friday morning.
The Coca-Cola Co. (NYSE: KO) traded down 1.74% at $43.60. The stock’s 52-week range is $36.56 to $47.13. Trading volume was about double the daily average of around 15 million. The soft drinks maker continues to sell off after Wednesday’s earnings report.
Of the Dow 30 stocks 23 are set to close lower on Thursday and 7 are on track to close higher.
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