Today was one of those days where the Dow Jones Industrial Average did something very different from the rest of the market.
First, the scoreboard:
- Dow: 16,412.7 (-45.5, -0.2%)
- S&P 500: 1,842.8 (+4.1, +0.2%)
- Nasdaq: 4,223.6 (+26.0, +0.6%)
And now the top stories:
- There were no economic data reports released today. Today’s action was all about earnings. And three big Dow stocks dropped after reporting earnings.
- Insurance giant Travelers Companies fell 1.7% after reporting Q4 earnings that were actually stronger than expected. Earnings surged to $2.68 per share beating expectations for $2.16. Insurance companies across the board benefited from weather that was much calmer than a year ago.
- Verizon posted $0.66 EPS, beating the Wall Street consensus by a penny. Johnson & Johnson beat earnings expectations by $0.04, but guided 2014 estimates toward the lower end of market expectations.
- Both companies are in the Dow, and both fell by around 20%.
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