At the close of the day, the Dow Jones Industrial Average (INDEX: ^DJI ) was slightly lower, resting at 13,579, down 17.31 points, or 0.13%. The index had closed the past eight Fridays on an up note. At the start of the trading day, it looked as if the market would continue the winning streak but, during the last hour of trading, the index turned red. The Dow also closed below 13,588 where it began Monday morning, breaking a two-week streak during which time, the index closed higher on Friday than where it had started the previous Monday.
At the close of the day, not a single Dow component was up more than 0.54%, which happened to be McDonald’s, which is one of only four stocks down for the year. Only 13 other companies saw their shares up for the day. Apple’s overly-hyped iPhone release date pulled wireless carriers AT&T (NYSE: T ) and Verizon (NYSE: VZ ) up 0.37% and 0.33%, respectively. With investors concerned about the large subsidies the carriers pay to Apple, millions of phones being sold is not always a good thing. Furthermore, because the iPhone 5 has LTG capability, the wireless networks' ability to provide reliable data speeds will be truly tested for the first time.
Coca-Cola (NYSE: KO ) lead the Dow laggards today, ending lower by 1.58%. Trading volume was extremely high for the soft drink king, coming in at over 92 million shares, while the three-month average is only 15 million. A six-fold increase in volume came on a day with no major news about the cola company. This is generally an indication of major financial institutions making moves.
Nearly every technology company in the Dow was trading lower, but Cisco Systems (Nasdaq: CSCO ) was in front, ending the session in the red by 1.10%. Despite Apple’s big day, the technology decline was most likely related to Oracle’s earnings announcement yesterday. The company missed analyst’s estimates on revenue, which was related to poor performance from the hardware and services side of the business. Even with higher software revenue of 3.7% year over year, the company could not make up the difference.
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