The Dow Jones Industrials Average (INDEX: ^DJI ) got slammed in early trading, fought back hard, and limped over the finish line with a 0.21% loss for the day. The Dow actually fared just a hair better than the other leading indexes, though; here's a look at how everyone ended the day.
|Dow Jones Industrial Average||(26.41)||(0.21%)||12,393|
The big news
It shouldn't come as any surprise that the biggest overhanging threat that continues to ail the market is the eurozone. Fears of Spain going the way of Greece, and Greece inching closer toward a "grexit" are the topics du jour, but Portugal and Italy are always on the back burner for more depressing content if you're left wanting for more.
All of these problems have sent oil prices consistently lower, and they now trade at $86.55 per barrel. Energy has been a correspondingly weak sector of late.
But all hope is not lost!
Just because Mr. Market had a down day doesn't mean there weren't at least a few winners. Here are the three top-performing Dow stocks of the day.
- Bank of America (NYSE: BAC ) led the charge higher with a 2.1% gain for the day. This is interesting considering the company usually trades lower on eurozone fears, but encouraging comments yesterday from its CEO, Brian Moynihan, must have done enough to ease fears. The way he sees it, European sovereign debt poses an indirect threat to the U.S., but he also noted that consumer spending is strengthening, aided by lower gas prices, and reiterated that Bank of America has "vanilla" hedging positions. This last part is of course a reaction to JPMorgan's (NYSE: JPM ) unexpected $2 billion trading loss that sent shivers through the finance sector.
- Disney (NYSE: DIS ) was the second biggest winner, up 1.1% on the news that Alan Horn will be replacing Rich Ross as studio chief. The way I see it, this is basically a reaction to the $200 John Carter loss that occurred under Ross' watch. Horn is top-caliber industry talent, though; Disney swiped him from Warner Brothers, where he oversaw blockbusters like The Dark Knight and Harry Potter, both of which occupy top-grossing charts.
- Travelers (NYSE: TRV ) was the third biggest winner today with a 1% gain at the close. Frankly there isn't a whole lot of news moving the stock today except that the company will be offering wind credits for fortified homes in Texas. The company already offers similar programs in other states, but this should ultimately help reduce its payout risk.
What to make of it
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