May 19, 2016: Markets opened lower Thursday for the third straight session. A stronger dollar followed the strong FOMC signal of an interest rate hike coming in June. Industrials were the hardest hit sector, with financials and healthcare close behind. Utilities and consumer staples provide some offset to the drag. WTI crude oil for June delivery settled at $48.16 a barrel, down about just 3 cents for the day. June gold dropped 1.5% on the day to settle at $1,254.80. Equities were headed for a lower close shortly before the closing bell as the DJIA traded down 0.45% for the day, the S&P 500 traded down 0.33%, and the Nasdaq Composite traded down 0.48%.
The DJIA stock posting the largest daily percentage loss ahead of the close Thursday was The Goldman Sachs Group Inc. (NYSE: GS) which traded down 3.02% at $155.10. The stock’s 52-week range is $139.05 to $218.77. Volume was about equal to the daily average of around 3.6 million shares. The investment bank had no specific news Thursday.
The Boeing Co. (NYSE: BA) traded down 2.05% at $128.30. The stock’s 52-week range is $102.10 to $150.59. Trading volume was about equal to the daily average of around 4.6 million. The aerospace company issued $1.2 billion worth of senior, unsecured debt late Wednesday..
International Business Machines Corp. (NYSE: IBM) traded down 1.64% at $144.93. The stock’s 52-week range is $47.25 to $68.19. Volume was about 25% below the daily average of around 4.4 million shares. The tech giant broke below a technical market Thursday when it’s share price slipped below its 50-day moving average.
Caterpillar Inc. (NYSE: CAT) traded down 1.64% at $69.43. The stock’s 52-week range is $56.36 to $89.62. Trading volume was about 10% lower than the daily average of around 6 million shares. The heavy equipment maker had no specific news Thursday.
Of the Dow 30 stocks 22 are set to close lower Thursday and 8 are on track to close higher.
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