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DJIA Falls 118 pts to Over 2-month Low, Dragged by IBM & Oil Stocks


US stocks went mixed. IBM’s quarterly result missed estimates. Dragged by energy stocks, DJIA once slumped nearly 200 pts at most, while Nasdaq, mainly consisting tech stocks, bucked the trend and saw increase.

 

Dow Jones Industrial Average fell 118 pts or 0.6% to close at 20,404.

 

S&P 500 Index fell 4 pts or 0.2% to close at 2,338.

 

Nasdaq Composite rebounded 13 pts or 0.2% to close at 5,863.

 

IBM’s 1Q17 revenue fell 3%, missing market expectation, following bearish views from brokers. IBM slumped 4.9%, being the weakest DJIA constituent. Oil price declined; Chevron fell 1.4%. Morgan Stanley posted a result beat both in earnings and operating revenue, sending up the stock 2%. After close, eBay announced that its 1Q17 earnings beat estimates, but the earnings in this quarter might be lower than expected. eBay fell 1.9% after trading hours.

 

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