JPMorgan, Goldman Sachs Sink DJIA on Tuesday
January 17, 2017: Markets opened lower Tuesday as financial stocks took a severe beating in the session following remarks by the president-elect that he wanted a weaker dollar. That sent crude oil prices up a little and gold prices up a lot. Consumer staples, the home of timid, was Tuesday's best performing sector. WTI crude oil for February delivery settled at $52.48 a barrel, up about 0.2% on the day. February gold added 1.4% on the day to settle at $1,212.90, the yellow metal's highest finish in 2 months. Equities were headed for a lower close close shortly before the bell as the DJIA traded down 0.35% for the day, the S&P 500 traded down 0.37%, and the Nasdaq Composite traded down 0.69%.
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The DJIA stock posting the largest daily percentage loss ahead of the close Tuesday was JPMorgan Chase & Co. (JPM) which traded down about 3.84% at $83.38. The stock's 52-week range is $52.50 to $88.17. Volume was about 35% above the daily average of around 17.6 million shares. The U.S. Supreme Court rejected an appeal by Morgan and other banks related to the Libor fixing scandal.
The Goldman Sachs Group Inc. (GS) traded down 3.40% at $236.00. The stock's 52-week range is $138.20 to $247.77. Volume was about 20% above the daily average of around 4 million shares. The investment bank had no specific news ahead of Wednesday morning's earnings report..
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Pfizer Inc. (PFE) traded down 1.43% at $32.06. The stock's 52-week range is $28.25 to $37.39. Volume was about 10% below the daily average of around 27 million shares. The company had no specific news.
UnitedHealth Group Inc. (UNH) traded down 1.09% at $160.04. The stock's 52-week range is $108.83 to $164.00. Volume was just more than the daily average of around 4 million shares. Better-than-expected earnings and revenues were not enough to escape the day's malaise.
Of the Dow 30 stocks, 11 are on track to close higher Tuesday and 19 are set to close lower.
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