The Dow Jones Industrial Average ( ^DJI) closed down 168.0 points (-1.3%) at 13,038. During the day, 616.5 million shares of the 30 Dow components have changed hands vs. an average daily trading volume of 735.7 million. The NYSE advances/declines ratio closed at 733 issues advancing vs. 2,282 declining with 98 unchanged. Holding the Dow back today was Chevron (NYSE: CVX), which lagged the broader Dow index with a $2.27 decline (-2.1%) bringing the stock to $103.72. This single loss lowered the Dow Jones Industrial Average by 17.18 points or roughly accounting for 10.2% of the Dow's overall loss. Volume for Chevron ended the day at 6.1 million shares traded vs. an average daily trading volume of 6.4 million shares.
Chevron has a market cap of $211.14 billion and is part of the basic materials sector and energy industry. Shares are down 0.4% year to date as of Thursday's close. The stock's dividend yield sits at 3.4%. Chevron Corporation, through its subsidiaries, engages in petroleum, chemicals, mining, power generation, and energy operations worldwide. It operates in two segments, Upstream and Downstream. The company has a P/E ratio of eight, equal to the average energy industry P/E ratio and below the S&P 500 P/E ratio of 17.7. TheStreet Ratings rates Chevron as a buy. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, attractive valuation levels, good cash flow from operations and notable return on equity. We feel these strengths outweigh the fact that the company shows low profit margins.