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

by Kyle Woodley | February 21, 2012 4:51 pm

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

IPMarketRecap Dow Hits 13,000; Airlines Hit a Wall    Tuesday's IP Market Recap[1]Although it didn’t stay there, the Dow Jones Industrial average’s crossing of the 13,000 mark Tuesday[2] 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[3], +9.16%), Eldorado Gold (NYSE:EGO[4], +6.4%), Yamana Gold (NYSE:AUY[5], +4%), Goldcorp (NYSE:GG[6], +3%) and Barrick Gold (NYSE:ABX[7], +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[8]) dropped 11.4%, United Continental (NYSE:UAL[9]) and Jetblue (NASDAQ:JBLU[10]) were down about 9%, and Delta Air Lines (NYSE:DAL[11]) lost 7.2%.

Wal-Mart (NYSE:WMT[12]) was down almost 4% after reporting a 15% decline in fourth-quarter profits[13]. The big-box retailer cited continuing difficulties keeping up with the prices at discounters like Dollar Tree (NASDAQ:DLTR[14]) and Family Dollar (NYSE:FDO[15]).

Wynn Resorts (NASDAQ:WYNN[16]) shares surged 6% on news that the gaming and casino company forced out co-founder Kazuo Okada[17] 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[18] Las Vegas Review-Journal[19], Wynn said an internal investigation found “Okada’s company, Universal Entertainment Corp., had bribed gaming regulators in the Phillipines.”

Three Up

Three Down

Kyle Woodley[27] is the assistant editor of InvestorPlace.com[28]. As of this writing, he did not hold a position in any of the aforementioned securities. Check out recaps from previous trading days here[29].

Endnotes:
  1. [Image]: http://investorplace.com/hot-topics/investorplace-market-recap/
  2. Dow Jones Industrial average’s crossing of the 13,000 mark Tuesday: http://investorplace.com/2012/02/dow-jones-industrial-average-djia-hits-13000/
  3. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  4. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  5. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  6. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  7. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  8. LCC: http://studio-5.financialcontent.com/investplace/quote?Symbol=LCC
  9. UAL: http://studio-5.financialcontent.com/investplace/quote?Symbol=UAL
  10. JBLU: http://studio-5.financialcontent.com/investplace/quote?Symbol=JBLU
  11. DAL: http://studio-5.financialcontent.com/investplace/quote?Symbol=DAL
  12. WMT: http://studio-5.financialcontent.com/investplace/quote?Symbol=WMT
  13. reporting a 15% decline in fourth-quarter profits: http://investorplace.com/2012/02/wal-mart-one-step-forward-two-back/
  14. DLTR: http://studio-5.financialcontent.com/investplace/quote?Symbol=DLTR
  15. FDO: http://studio-5.financialcontent.com/investplace/quote?Symbol=FDO
  16. WYNN: http://studio-5.financialcontent.com/investplace/quote?Symbol=WYNN
  17. company forced out co-founder Kazuo Okada: http://investorplace.com/2012/02/steve-wynn-a-power-play-by-gamblings-machiavelli/
  18. According to the: http://www.lvrj.com/business/wynn-resorts-shares-rise-after-board-member-deemed-unsuitable-139838503.html?ref=503
  19. Las Vegas Review-Journal: http://www.lvrj.com/business/wynn-resorts-shares-rise-after-board-member-deemed-unsuitable-139838503.html?ref=503
  20. ALU: http://studio-5.financialcontent.com/investplace/quote?Symbol=ALU
  21. GNW: http://studio-5.financialcontent.com/investplace/quote?Symbol=GNW
  22. JWN: http://studio-5.financialcontent.com/investplace/quote?Symbol=JWN
  23. WFT: http://studio-5.financialcontent.com/investplace/quote?Symbol=WFT
  24. CIEN: http://studio-5.financialcontent.com/investplace/quote?Symbol=CIEN
  25. RSH: http://studio-5.financialcontent.com/investplace/quote?Symbol=RSH
  26. Read about Radioshack and two other high-yield dividend stocks to avoid here.: http://investorplace.com/2012/02/3-high-yield-dividend-stocks-to-avoid-svu-azn-rsh/
  27. Kyle Woodley: http://investorplace.com/author/kyle-woodley/
  28. InvestorPlace.com: http://investorplace.com/
  29. here: http://investorplace.com/hot-topics/investorplace-market-recap/

Source URL: http://investorplace.com/2012/02/dow-13000-gas-prices-airline-stocks-walmart-earnings-wynn-resorts/
Short URL: http://invstplc.com/1nxTNHh