GE Threatens Dow's Winning Streak
As of 12:45 p.m. EDT the Dow Jones Industrial Average has made small gains, up 0.19% to 14,424. The blue-chip index is currently on a six-day winning streak, but at this time, it's anyone's guess whether that run will continue. With no important U.S. economic data points released today, investors seem content to simply wait around until the markets receive another stimulant.
The broader markets are flat, with the S&P 500 up less than a tenth of a percent and the NASDAQ down less than two points.
Today's Dow downers
Both of the Dow's telecommunications stocks are moving lower today. AT&T is down 0.5%, and Verizon has lost 0.7%. The reason for the decline is unknown at this time; most investors would expect shares to rise after the promising announcement AT&T made this morning. The wireless-service provider revealed that presales for Blackberry's new Z10 smartphone will start tomorrow and that the phones will debt in the U.S. on March 22. Even as the wireless providers' shares struggle, Blackberry shares have risen by more than 10%.
After setting a new 52-week high last Friday, shares of Home Depot are pulling back slightly, now down 0.4% for the trading session. The home improvement store has been on a fantastic run in 2013: Shares are up 15.2% after ending 2012 up more than 47%. During both time periods, Home Depot has easily outperformed the Dow.
Home Depot also recently announced solid quarterly results, an increase to its dividend, and a massive $17 billion share buyback program. In the past, when the board of directors approved a $22 billion buyback program, investors raised concerns. They haven't yet expressed any disapproval of the new program.
Shares of General Electric are trading lower by 1% this afternoon. The only real news pertaining to the company is the announcement that former Securities and Exchange Commission Chairman Mary Schapiro has been nominated as a board member for GE. Some investors may be bailing on the stock out of concern regarding Schapiro's lack of direct business management experience. Shareholders will need to approve Schapiro's appointment at the annual meeting on April 24.
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The article GE Threatens Dow's Winning Streak originally appeared on Fool.com.Check back Monday thru Friday as Matt explains what caused the Dow's winners and losers of the day, and every Saturday for a weekly recap. Follow Matt on Twitter @mthalman5513. Fool contributor Matt Thalman has no position in any stocks mentioned. The Motley Fool recommends Home Depot. The Motley Fool owns shares of General Electric Company. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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