Dow Dives Below 18,000
Blue Chips Crumble and Give Back Their ValueBlue chip and large-cap stocks lead in losses today. They had been providing stability to the market this week.
If anything, blue chips have been gaining in the face of sluggish markets, but after today's fall that might not be the case. Boeing is set to end the week flat despite a strong start, and IBM's rocky 5-day stretch isn't helped by a 2% loss on the day. Thinking in the short term, it's days like today that completely ruin your whole week.
Gold Drops TooThe price of gold was down another $10 to $1,175.20 per troy ounce today, bringing losses to 1.34% this month. I've predicted dead cat bounces before with success, and it looks like we're in store for another one. Prices hit a $1,220 per troy ounce ceiling in May, and they've been falling ever since, with the exception of last week. Unfortunately for gold investors, they call it an exception for a reason, and last week's small recovery is going to be just another dead cat bounce for the price of gold.
WYNN) had an amazing day despite the falling Dow, thanks to rumors of a merger with MGM Resorts (MGM). The two companies were both up on the speculation, but Wynn had the better day by far, gaining over 7%. Wynn rose 7.39 points to close the day at $109.44. MGM closed at $20.28, up nearly 3%.
Frontier Communications (FTR) Down 7%The share price of Frontier Communications (FTR) fell 7% in trading today, spurred on by a sudden upgrade. Share prices fell 7.06% to $5.00 today, bringing the company near 6-month lows. Frontier was just upgraded on June 3rd, but investors sold out when the share price started to rise on news of the upgrade.
Published on Jun 4, 2015By Aaron Phillips