3 Dow Stocks That Plummeted Today
Negative economic reports from around the world combined today to send the Dow Jones Industrial Average (INDEX: ^DJI) to its second worst loss of the year, down nearly 2%. Domestically, U.S. jobless claims from two weeks ago were revised higher, while manufacturing activity in the Philadelphia region declined at a faster pace than expected. Abroad, data showed that in June, Europe's private sector shrank at the fastest rate in three years, and China's manufacturing sector contracted yet again.
But while the Dow had a terrible day overall, there were individual stocks that fared much worse.
Percent Change Today
Alcoa (NYS: AA)
Hewlett-Packard (NYS: HPQ)
Bank of America (NYS: BAC)
Alcoa sold off after Goldman Sachs cut its earnings estimate for the company through 2014, due to lower aluminum prices. HP continued its decline today as investors continue to wonder how the company will fare now that Microsoft has essentially become a competitor with its new Surface tablet. Finally, Bank of America lost nearly 4% as well, due mainly to its sensitivity to the global economy and in anticipation of the Moody's credit rating downgrade that occurred after the closing bell. Check out the video below for more on what dropped the Dow and these three stocks in particular today.
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The article 3 Dow Stocks That Plummeted Today originally appeared on Fool.com.Brendan Byrnes owns no shares of any companies mentioned. The Motley Fool owns shares of Microsoft, Bank of America, and JP Morgan Chase.Motley Fool newsletter serviceshave recommended buying shares of Goldman Sachs Group and Microsoft.Motley Fool newsletter serviceshave recommended creating a bull call spread position in Microsoft. The Motley Fool has adisclosure policy. We Fools may not all hold the same opinions, but we all believe thatconsidering a diverse range of insightsmakes us better investors. Try any of our Foolish newsletter servicesfree for 30 days.