The Dow Jones Industrial Average was powering higher in early trade, despite a drag produced by McDonald’s Corp. The fast-food behemoth was cutting approximately 30 points from the price-weighted Dow in morning trade, with its stock down $4.65, or 3%–putting it on track for the worst performance among the benchmark’s 30 components. A decline at this level would represent the worst one-day decline for the company since July 26, 2016, according to FactSet data. A $1 move in any one of the Dow components equates to a 6.89-point swing in the equity average. Despite the headwind, the Dow was trading near a closing peak, with shares of Goldman Sachs Group Inc. more than offsetting McDonald’s drop. The reason for shares of McD’s decline weren’t entirely clear. Other benchmarks, were in trading in positive territory, with the S&P 500 index setting a fresh intraday all-time high at the ope and the Nasdaq Composite Index trying to climb to around its own record level. The Dow, meanwhile, was up 46 points, or 0.2%, at 21,102, off its best levels of the session.
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