The Dow closed down -77.42 (-0.62%) at 12,496.38.
Out of the 30 Dow component stocks, there were 7 gainers, 3 unchanged and 20 losers.
Leading the gainers was Johnson & Johnson (JNJ), which rose 2.17% after getting a lot of good news. JNJ received analyst upgrades, positive results for its canagliflozin diabetes treatment and a restructured buyout offer for Swiss medical-device company Synthes that avoided what could have been a dilutive secondary stock offering and will help the company save on U.S. taxes.
JPMorgan Chase (JPM) was strong, finishing in the number two spot with a 1.57% gain. Investors were quite satisfied with the performance of CEO Jamie Dimon in his Congressional testimony today, as he was able to make extended comments about bank regulation generally rather than solely getting mired in comments about the company’s losses from bungled trades. Now the big question for shareholders is how long will the bank keep its buybacks suspended, pending the trade’s final resolution.
McDonald’s (MCD) was up +0.53% in the number three spot even after being downgraded by Goldman Sachs. Goldman has concerns about the pace of growth in Asia and the U.S. as well as headwinds in Europe could hold the stock back. The stock has already dropped more than 10% from its highs near the beginning of the year. Also, McDonald’s shares have doubled in price since the Spring of 2009.
The dollar dropped against the euro, but gained against the British pound and Japanese yen.
Oil for July delivery slipped 70 cents to settle at $82.62 a barrel.
Gold futures for August delivery was up $5.60 to end the day at $1,619.40 an ounce.
The price on the benchmark 10-year U.S. Treasury was up, pushing the yield down to 1.60% from 1.67% late Tuesday.
Notable stocks expected to report earnings tomorrow before the open include KR, MDCI, PIR, SFD and WGO.