September continued to weigh on the Dow Jones Industrial Average, which opened the new week down in triple digits early but recovered to be off about 50, lower by about 0.4% to around 10,945. The Dow appears headed for its third day of losses in a row on concerns about the euro zone debt crisis spilling over and truncating global economic growth. Oil and gold were down Monday, and declining stocks barely outnumbered those advancing in the broader market.
Concerns about falling economic growth had Chevron (NYSE:CVX) down about 1.7%, or $1.60, to around $93.65. Oil is falling because of lack of global demand. Many investors anticipate a return to the spring 2009 scenario, when crude prices plunged. For the week, Chevron is down about 4%.
Down about 40 cents, or 1.2%, to under $31.50 was Home Depot (NYSE:HD). Home Depot’s chairman spoke on CNBC this morning about how the slumping housing market was affecting operations, and investors reacted in kind. Home Depot is down around 13% for the past six months.
Kraft (NYSE:KFT) was down to about $34, off by about 1.5%, or 50 cents. Slumping economic growth and declining consumer confidence are expected to harm Kraft’s sales. Kraft, which announced a spinoff in August, is up more than 15% for the year.
3M (NYSE:MMM) rose about 70 cents, or 1%, to over $77.33 in early morning buying and selling. This morning, 3M announced an investment in Pixel Qi Corp., a next-generation LCD maker with operations in Taiwan. 3M is down more than 6% for the week and more than 16% for the year.
Up by more than 1.7% was Bank of America (NYSE:BAC), picking up more than 11 cents per share to land over $7.09 in the morning session. At the Barclays Global Financial Services Conference on Monday, Bank of America CEO Brian Moynihan announced the company was looking to cut $5 billion in annual expenses by 2013. BAC remains the worst-performing stock on the Dow for 2011, off by more than 48%.
General Electric (NYSE:GE) was over $15.20 in the morning session, rising by about 15 cents, or 1%. A Buffett favorite, GE received favorable attention this morning on its strong dividend, which sits around 4%.
Jonathan Yates does not own any of the stocks mentioned in this article.