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 November 14, 2017 - 10:36 AM EST
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GE Drops to 5-Yr. Low, Dow Loses 100+

GE Drops to 5-Yr. Low, Dow Loses 100+

Blue-chip stocks fell more than 100 points on Tuesday as shares of General Electric slumped for a second straight day.

The Dow Jones industrial average jettisoned 134.36 points to 23,305.34,

The S&P 500 dropped 13.6 points to 2,571.24, with materials as the biggest declining sector. TJX was among the worst performers in the index, falling 3.6%.

The NASDAQ Composite eased 34.14 points to 6,723.45

GE shares fell 4.9% to a five-year low and have fallen more than 10% over the past two days, after the company unveiled a massive restructuring plan and slashed its dividend by 50% at an investor meeting.

Analysts across Wall Street remained "unsettled" by what they heard as GE's turnaround plan disappointed them.

Dow-component Home Depot reported earnings and revenue that beat expectations. Same-store sales — a key metric for retailers — crushed estimates, but the stock traded 0.9% lower.

TJX Companies, the parent company of TJ Maxx, posted earnings per share that were in line with expectations, while revenue missed. But the company's stock fell after its same-store sales for the quarter remained flat. Analysts expected a gain of 2.3%.

In economic news, the U.S. producer price index rose 0.4% in October. Economists expected an increase of 0.1%.

Prices for the benchmark 10-year Treasury note gained ground Tuesday, lowering yields to 2.38% from Monday's 2.4%. Treasury prices and yields move in opposite directions.

Oil prices sank 55 cents a barrel to $56.21 U.S.

Gold prices slid 30 cents an ounce to $1,278.60 U.S.


Source: Livemoney US Market Commentary (November 14, 2017 - 10:36 AM EST)

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