Shares of insurance giant Travelers Cos. Inc. and investment bank Goldman Sachs Group Inc., on Monday afternoon were yanking the Dow Jones Industrial Average lower. The fallout of now-Tropical storm Harvey, which has submerged much of the Houston area in what is expected to be 50 inches of rain. That has whacked insurance companies, while growing doubts about additional rate hikes in 2017, has pressured bank shares. Travelers’s stock was off 2.7%, or about $3.41, while Goldman’s shares were down about 1.6% at $3.55, translating to a 47-point retreat in the price-weighted Dow industrials . A $1 move in any of the Dow equates to a 6.84-point swing in the blue-chip average. Overall, the Dow reversed modest gains at the open, to trade down 25 points, or 0.2%, at 21,781, while the S&P 500 index was off 2 points at 2,441, and the Nasdaq Composite Index traded 0.2% higher.
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