Oil, Stocks Climb Higher: Wednesday’s IP Market Recap

Energy stocks lead a broad market rally

   
Oil, Stocks Climb Higher: Wednesday’s IP Market Recap

IPMarketRecap Oil, Stocks Climb Higher: Wednesdays IP Market Recap Investors took a deep breath and markets rallied on Wednesday despite continued concerns over military action against Syria.

For the day the Nasdaq moved ahead 0.41% to 3593.35, while the Dow Jones Industrial Average rose 0.33% to 14,824.51 and the S&P 500 closed up 0.27% at 1634.96.

The Middle East turmoil continued to affect oil markets, as the price of light crude rose to nearly $110 per barrel. Oil stocks benefited from the move, with Chevron (CVX) and Exxon Mobil (XOM) both moving ahead over 2% on the news. Sector players Royal Dutch Shell (RDS.A, RDS.B, +1.9%), Marathon Petroleum (MPC, +1.3%), and ConocoPhillips (COP, +1.1%) also tacked on gains.

Gold, on the other hand, climbed in early trading but ended up falling on the day. As a result, Kinross Gold (KGC, -2.5%) Barrick Gold (ABX, -1.7%), Goldcorp (GG, -1.4%) and the Market Vectors Gold Miners ETF (GDX, -2.9%) all fell after posting early gains as well.

Tech stocks gained back some ground, as Facebook (FB) adding on over 2% despite news that COO Sheryl Sandberg is selling most of her stake. Blackberry (BBRY) shares rose nearly 3% on news it’s considering spinning off its messaging service, while Hewlett-Packard (HPQ) also gained around the same amount on no particular news.

Homebuilders took losses on as a National Association of Realtors report showed its Pending Home Sales Index fell by 1.3% in July — the second straight month of declines. Lennar (LEN, -2%) Hovnanian (HOV, -1.3%), KB Home (KBH, -1.6%), and D.R. Horton (DHI, -1.2%) were all down on the day.

Finally, Big machinery maker Joy Global (JOY) sank nearly 5% despite increasing its share repurchase plan. The company posted drops across both the top and bottom line for the most recent quarter.

Three Up

  • Zale (ZLC): Up 29.8% ($2.67) to $11.63. (Read more)
  • Cirrus Logic (CRUS): Up 9.4% ($1.92) to $22.42.
  • Express (EXPR): Up 6.6% ($1.30) to $21.10.

Three Down

  • Allied Nevada Gold (ANV): Down 7.8% (39 cents) to $4.62.
  • Taser (TASR): Down 5.9% (70 cents) to $11.15. (Read more)
  • Tiffany (TIF): Down 4.4% ($3.57) to $77.25.

Marc Bastow is an Assistant Editor at InvestorPlace. As of this writing, he was long XOM.


Article printed from InvestorPlace Media, http://investorplace.com/2013/08/wednesdays-ip-market-recap-oil-xom-cvx-rds-a-cop-mpc/.

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