Dow Jones Enters September on the Upswing

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Investors, elated that August is in the rear-view mirror, took the Dow up more than 30 points to over 11,644, a gain of about 0.3% in the morning session. August was the worst month for financial markets around the world in more than a year. But hopes for QE3 and more growth from China has the Dow up about 4.8% for the past week of trading. Bullish and bearish sentiment were equally split in morning buying and selling.

Boeing (NYSE:BA) was soaring above Wall Street early, up more than 1% to over $67, gaining more than 55 cents a share. After the closing bell yesterday, a Forbes piece stated that Delta Air Lines might be placing an $8 billion deal with Boeing for 100 737 jet passenger airplanes. The Forbes article also said it had a $91 price estimate for BA stock. Boeing is up more than 8% for the week and 9% for the year.

Chevron (NYSE:CVX) was pumping morning increases of more than $1 and 1% to over $100 a share. Chevron won a case against Ecuador when a ruling by the Permanent Court of Arbitration awarded $96 million in disputed revenue sharing agreements with Petroecuador, the state-run oil company. Chevron is up more than 30% for the year.

Up about 2%, or 30 cents, was Cisco (NASDAQ:CSCO), which rose to about $16. The tech sector was higher on strong earnings and an expected profit rise from Ciena. Cisco is down more than 20% for the year but has rallied more than 1% the past week.

A lawsuit had Bank of America (NYSE:BAC) down about 1% to around $8 a share, dropping about 10 cents. U.S. Bancorp is suing Bank of America over a $1.75 billion pool of mortgages that is posting a 46% default rate. The worst-performing stock in the Dow for 2011, Bank of America has came back strong in August thanks to assets sales and Warren Buffett’s Berkshire Hathaway investing $5 billion. BAC is up more than 17% for the last week.

Another Buffett favorite, Kraft (NYSE:KFT), was off about 10 cents, or around 0.33%, to under $34.90. An announced spinoff has Kraft very strong in recent action: up more than 2% for the week, 12% for the half-year and more than 19% for the year.

American Express (NYSE:AXP) was off a few cents, less than 0.1%, to around $49.70. While financial stocks have dipped this morning, American Express is up more than 3% for the week and more than 20% for the year.

Jonathan Yates does not own any of the stocks mentioned in this article.


Article printed from InvestorPlace Media, https://investorplace.com/2011/09/dow-jones-boeing-chevron-cisco/.

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