Take that, oil prices:
- Oil prices jumped above $100/barrel and stocks managed a gain. So that’s new. But it wasn’t much of a gain, as the DJ total stock market index moved just 0.2% higher. On the other hand, tech stocks and small-caps outperformed, suggesting there still exists some market contingent to see if this buy-the-dip thing still works. (Of course, at some long-term level, it always has). Everybody seemed to be talking about how nobody was talking about gold and silver hitting all-time and 30-ish-year-hights, respectively. The yield on the 10-year note jumped to 3.47%, as inflation-watchers seemed to be spooked by the Fed Beige Book report, which suggested that businesses may actually have the audacity to try to pass on higher production costs to consumers.
- After the closing bell, shares of Foot Locker (NYSE:FL) inched 1.3% higher after the company beat fourth-quarter earnings estimates. Micro-cap Gasco Energy (AMEX:GSX) fell 6%, which is all of 4 cents, after the company’s earnings reports. The stock is among many small energy names catching investor attention in the wake of higher oil prices.
- On Thursday, an a.m. earnings report from Kroger (NYSE:KR) leads the earnings roster. Economic data highlights include weekly jobless claims, a fourth-quarter revised productivity report, and the February ISM nonmanufacturing survey.
OUT THERE SOMEWHERE:
- For New Yorkers who follow such things, Frank Rich bolts for New York magazine.
- The Sierra Club offers their reality check on electric vehicles.
- Bubble-pop alert: too many airports in China.
- A mixed read from credit card data.
- U.S. Mint? Out of silver, actually.
- Bubble-pop alert, vol. 2: home price increases slow in China.
- Rooting against a recession? It may be the only thing to stop $200 oil.
- Maybe. 4 time bombs that will blow up Wall St.
- The dark side of the iPhone — It’s not particularly pleasant making them.
- Saudi stock exchange — now this is a plunge.
