Dow Jones Corrections: Chevron, Bank of America and IBM

Dow Jones Industrial Average slightly gained by 0.17 percent or 21.57 points on Thursday to close at 12,471.02 points for the day. Standard & Poor 500 index gained 0.23 percent or 3.02 points to close at 1,295.50 while NASDAQ Composite advanced 0.51 percent or 13.94 points to settle at 2,724.70.

Chevron Corporation (NYSE:CVX) was the top decliner among Dow Jones components. The oil giant took heavy beating in yesterday’s session after the company announced its reduced earnings outlook for fourth quarter. The share price fell 2.60 percent to close at $104.97 in yesterday’s session. The traded volume stood at 11.88 million shares as compared to its average volume figure of 9.12 million shares per day. The share price was still 1.43 percent below its 50-days simple moving average after yesterday’s fall.

Bank of America Corp (NYSE:BAC) fell 1.16 percent to close at $6.79 with traded volume of 360.34 million shares in yesterday’s session. The fall was backed by strong volume numbers as its average volume stands at 265.12 million shares per day. The share price was still 17.21 percent above its 50-days simple moving average despite yesterday’s decline and is also trading at its overbought level as per its relative strength index of 68.83.

International Business Machines Corp (NYSE:IBM) slipped 0.97 percent to close at $180.55 in yesterday’s session. The share price traded with volume of 6.87 million shares as compared its average volume figure of 5.23 million shares per day. The stock is trading at a price to earnings of 14.28 times while its dividend yield stands at 1.66 percent at current price levels.

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Rehan Khan

About Rehan Khan

Rehan Khan has been involved in the financial sector for last 6 years. During that time he has been associated with many financial institutions, banks and brokerages. Rehan is also a graduate in finance and has been writing for last 2 years for various web publications, specializing in US stock markets, penny stocks, forex and commodities.

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