With today's losses, the Dow has plunged into negative territory for the month, following back-to-back declines for February and March. Even earning reports are not enough to keep stocks elevated, especially after Alphabet (parent of Google, GOOG) posted what appeared to be strong numbers only to reveal increasing expenses, crushing profit margins.
Dow component 3M (MMM) led the decline after posting earnings per share of $2.50, which missed analyst estimates of $2.52, and were 16% higher than the $2.16 posted in the year-ago period. The stock was blasted, losing 14.77 points (-6.84%) to end the day at 201.11.
Caterpillar was close behind in the loss column, down -9.80 points (-6.36%).
Alphabet dropped a stunning -47.47 (-4.45%) to close out the session at 1,019.98.
Only six of 30 Dow stocks managed gains on the day. The NASDAQ and other major indices were also badly damaged.
The prevailing trend this earnings season has been that whatever a company posts, it's probably not good enough for anybody seeking to get out of a position, as risk aversion has suddenly become popular once again, especially with yields on the ten-year-note approaching three percent and precious metals (gold, silver) at bargain basement prices.
Dow Jones Industrial Average April Scorecard:
Date | Close | Gain/Loss | Cum. G/L |
4/2/18 | 23,644.19 | -458.92 | -458.92 |
4/3/18 | 24,033.36 | +389.17 | -69.75 |
4/4/18 | 24,264.30 | +230.94 | +161.19 |
4/5/18 | 24,505.22 | +240.92 | +402.11 |
4/6/18 | 23,932.76 | -572.46 | -170.35 |
4/9/18 | 23,979.10 | +46.34 | -134.01 |
4/10/18 | 24,407.86 | +428.76 | +294.66 |
4/11/18 | 24,189.45 | -218.55 | +76.11 |
4/12/18 | 24,483.05 | +293.60 | +369.71 |
4/13/18 | 24,360.14 | -122.91 | +247.80 |
4/16/18 | 24,573.04 | +212.90 | +460.70 |
4/17/18 | 24,786.63 | +213.59 | +674.29 |
4/18/18 | 24,748.07 | -38.56 | +635.73 |
4/19/18 | 24,664.89 | -83.18 | +552.55 |
4/20/18 | 24,462.94 | -201.95 | +350.60 |
4/23/18 | 24,448.69 | -14.25 | +336.35 |
4/24/18 | 24,024.13 | -424.56 | -88.21 |
At the Close, Tuesday, April 24, 2018:
Dow Jones Industrial Average: 24,024.13, -424.56 (-1.74%)
NASDAQ: 7,007.35, -121.25 (-1.70%)
S&P 500: 2,634.56, -35.73 (-1.34%)
NYSE Composite: 12,513.91, -96.87 (-0.77%)
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