The Dow Jones Industrial Average traded off its lows on Friday but the blue-chip gauge was being weighed by a sharp drop in shares of McDonald’s Corp. . Shares of the fast-food giant were exacting a roughly 56-point toll on the price-weighted Dow , with its shares off 5.2% or $8.10. A $1 move in any one of the Dow’s 30 components equates to a 6.89-point swing in the average. McDonald’s decline put the company on pace to book its sharpest percentage decline since October of 2008, according to FactSet data. Its shares were down following a research note from RBC Capital Markets, which cut its U.S. same-store expectations after a slow start to the $1 $2 $3 menu. The Dow had been down by as much as 391 points or 1.6% intraday on the back of worries about a trade war following President Donald Trump’s threat to impose tariffs on steel and aluminum imports.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News