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Dow Hits 13,000; Airlines Hit a Wall — Tuesday’s IP Market Recap

Spiking oil prices pulled the big carriers down on Tuesday


InvestorPlace Market RecapAlthough it didn’t stay there, the Dow Jones Industrial average’s crossing of the 13,000 mark Tuesday was the talk of Wall Street. The index passed that line briefly Tuesday for the first time since 2008, powered heavily by news of a Greece bailout, before resting 15 points up at 12,965.

Some of the biggest beneficiaries of Tuesday’s rally were mining stocks, led by advances of Hecla Mining (NYSE:HL, +9.16%), Eldorado Gold (NYSE:EGO, +6.4%), Yamana Gold (NYSE:AUY, +4%), Goldcorp (NYSE:GG, +3%) and Barrick Gold (NYSE:ABX, +3%).

However, oil prices also headed higher Tuesday on continuing fears that Iran will cut oil shipments off to Europe, and investors in turn delivered a pounding to airline stocks. US Airways (NYSE:LCC) dropped 11.4%, United Continental (NYSE:UAL) and Jetblue (NASDAQ:JBLU) were down about 9%, and Delta Air Lines (NYSE:DAL) lost 7.2%.

Wal-Mart (NYSE:WMT) was down almost 4% after reporting a 15% decline in fourth-quarter profits. The big-box retailer cited continuing difficulties keeping up with the prices at discounters like Dollar Tree (NASDAQ:DLTR) and Family Dollar (NYSE:FDO).

Wynn Resorts (NASDAQ:WYNN) shares surged 6% on news that the gaming and casino company forced out co-founder Kazuo Okada over the weekend. Wynn bought Okada’s 24 million shares at a 30% discount of Friday’s $112.69 value, reportedly in a move to keep the company’s gaming licenses from coming under scrutiny. According to the Las Vegas Review-Journal, Wynn said an internal investigation found “Okada’s company, Universal Entertainment Corp., had bribed gaming regulators in the Phillipines.”

Three Up

  • Alcatel-Lucent (NYSE:ALU): Up 4.9% (12 cents) to $2.57.
  • Genworth Financial (NYSE:GNW): Up 3.5% (32 cents) to $9.54.
  • Nordstrom (NYSE:JWN): Up 3.2% ($1.65) to $52.79.

Three Down

Kyle Woodley is the assistant editor of As of this writing, he did not hold a position in any of the aforementioned securities. Check out recaps from previous trading days here.

Article printed from InvestorPlace Media,

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