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Only 6 Dow Components Closed in the Red Today

Matt Thalman
March 20, 2013

Late this afternoon, Fed Chairman Ben Bernanke held a press conference that acted as a catalyst for the markets to push higher. The members of the central bank remain optimistic about the U.S. economy. They believe unemployment will drop to a range of 7.3% to 7.5% by the end of 2013, while projecting economic growth to fall somewhere in the range of 1.3% to 1.7%.  

With that said, the Fed will keep buying bonds and will not raise interest rates until unemployment hits 6.5% or inflation rates climb to 2.5%. Thus, the cheap money train continues and investors jumped aboard. The broad S&P 500 index tacked on 0.67%, while the tech-heavy Nasdaq became the winning index of the day, after it closed higher by 0.78%. The Dow Jones Industrial Average (INDEX: ^DJI) gained 55 points, or 0.39%, and only six of the 30 blue-chip stocks ended the trading session lower.

This morning, I discussed the reasons why Caterpillar, JPMorgan Chase, and Verizon were in the red. Below, I talk about why the other three Dow losers were falling today.

Top Dow losers
Shares of Hewlett-Packard (NYSE: HP) closed the day down 0.82% after trading in positive territory nearly the whole day. The late-day drop was likely related to the news that all of the company's board members had been re-elected. A number of activist investors and shareholders had called for them to be voted off because they sat on the board when Autonomy was purchased. HP recently wrote off more than $8 billion of the $10 billion that it had paid for the software company.  

Shares of Boeing (NYSE: BA) ende