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

by Marc Bastow | August 28, 2013 4:42 pm

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[1]) and Exxon Mobil (XOM[2]) both moving ahead over 2% on the news. Sector players Royal Dutch Shell (RDS.A[3], RDS.B[4], +1.9%), Marathon Petroleum (MPC[5], +1.3%), and ConocoPhillips (COP[6], +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[7], -2.5%) Barrick Gold (ABX[8], -1.7%), Goldcorp (GG[9], -1.4%) and the Market Vectors Gold Miners ETF (GDX[10], -2.9%) all fell after posting early gains as well.

Tech stocks gained back some ground, as Facebook (FB[11]) adding on over 2% despite news that COO Sheryl Sandberg is selling most of her stake. Blackberry (BBRY[12]) shares rose nearly 3% on news it’s considering spinning off its messaging service, while Hewlett-Packard (HPQ[13]) also gained around the same amount on no particular news.

Homebuilders took losses[14] 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[15], -2%) Hovnanian (HOV[16], -1.3%), KB Home (KBH[17], -1.6%), and D.R. Horton (DHI[18], -1.2%) were all down on the day.

Finally, Big machinery maker Joy Global (JOY[19]) 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

Three Down

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

Endnotes:
  1. CVX: http://studio-5.financialcontent.com/investplace/quote?Symbol=CVX
  2. XOM: http://studio-5.financialcontent.com/investplace/quote?Symbol=XOM
  3. RDS.A: http://studio-5.financialcontent.com/investplace/quote?Symbol=RDS.A
  4. RDS.B: http://studio-5.financialcontent.com/investplace/quote?Symbol=RDS.B
  5. MPC: http://studio-5.financialcontent.com/investplace/quote?Symbol=MPC
  6. COP: http://studio-5.financialcontent.com/investplace/quote?Symbol=COP
  7. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  8. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  9. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  10. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  11. FB: http://studio-5.financialcontent.com/investplace/quote?Symbol=FB
  12. BBRY: http://studio-5.financialcontent.com/investplace/quote?Symbol=BBRY
  13. HPQ: http://studio-5.financialcontent.com/investplace/quote?Symbol=HPQ
  14. took losses: http://investorplace.com/2013/08/here-comes-the-chill-in-real-estate/
  15. LEN: http://studio-5.financialcontent.com/investplace/quote?Symbol=LEN
  16. HOV: http://studio-5.financialcontent.com/investplace/quote?Symbol=HOV
  17. KBH: http://studio-5.financialcontent.com/investplace/quote?Symbol=KBD
  18. DHI: http://studio-5.financialcontent.com/investplace/quote?Symbol=DHI
  19. JOY: http://studio-5.financialcontent.com/investplace/quote?Symbol=JOY
  20. ZLC: http://studio-5.financialcontent.com/investplace/quote?Symbol=ZLC
  21. (Read more: http://investorplace.com/2013/08/zale-the-perpetual-red-ink-machine-finally-runs-black/
  22. CRUS: http://studio-5.financialcontent.com/investplace/quote?Symbol=CRUS
  23. EXPR: http://studio-5.financialcontent.com/investplace/quote?Symbol=EXPR
  24. ANV: http://studio-5.financialcontent.com/investplace/quote?Symbol=ANV
  25. TASR: http://studio-5.financialcontent.com/investplace/quote?Symbol=TASR
  26. (Read more: http://slant.investorplace.com/2013/08/tasr-stock-taser-gun-swhc-rgr/
  27. TIF: http://studio-5.financialcontent.com/investplace/quote?Symbol=TIF

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