The Dow Jones Industrial Average ( ^DJI) closed down 156.0 points (-1.2%) at 12,442. During the day, 812 million shares of the 30 Dow components have changed hands vs. an average daily trading volume of 721.7 million. The NYSE advances/declines ratio closed at 420 issues advancing vs. 2,665 declining with 61 unchanged. The Dow component that led the way higher today was Verizon Communications (NYSE: VZ), which sported a 49-cent gain (+1.2%) bringing the stock to $41.37. Volume for Verizon Communications ended the day at 15.5 million shares traded vs. an average daily trading volume of 14.5 million shares. Verizon Communications has a market cap of $116.62 billion and is part of the technology sector and telecommunications industry. Shares are up 2.3% year to date as of Wednesday's close. The stock's dividend yield sits at 4.9%. Verizon Communications Inc. provides communications, information, and entertainment products and services to consumers, businesses, and governmental agencies worldwide. It operates in two segments, Verizon Wireless and Wireline. The company has a P/E ratio of 44.1, above the average telecommunications industry P/E ratio of 43.7 and above the S&P 500 P/E ratio of 17.7. TheStreet Ratings rates Verizon Communications as a buy. The company's strengths can be seen in multiple areas, such as its revenue growth, increase in net income, good cash flow from operations, expanding profit margins and solid stock price performance. We feel these strengths outweigh the fact that the company has had generally poor debt management on most measures that we evaluated.
Holding the Dow back today was Boeing (NYSE: BA), which lagged the broader Dow index with a $2.62 decline (-3.6%) bringing the stock to $69.73. This single loss lowered the Dow Jones Industrial Average by 19.83 points or roughly accounting for 12.7% of the Dow's overall loss. Volume for Boeing ended the day at 6.1 million shares traded vs. an average daily trading volume of four million shares.
Boeing has a market cap of $54.37 billion and is part of the industrial goods sector and aerospace/defense industry. Shares are down 1% year to date as of Wednesday's close. The stock's dividend yield sits at 2.4%. The Boeing Company, together with its subsidiaries, engages in the design, development, manufacture, sale, and support of commercial jetliners, military aircraft, satellites, missile defense, human space flight, and launch systems and services worldwide. The company has a P/E ratio of 12.6, equal to the average aerospace/defense industry P/E ratio and below the S&P 500 P/E ratio of 17.7. TheStreet Ratings rates Boeing as a buy. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, good cash flow from operations, compelling growth in net income and impressive record of earnings per share growth. We feel these strengths outweigh the fact that the company has had generally poor debt management on most measures that we evaluated.