Oil, Stocks Climb Higher: Wednesday’s IP Market Recap
by Marc Bastow | August 28, 2013 4:42 pm
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
- Zale (ZLC[20]): Up 29.8% ($2.67) to $11.63. (Read more[21])
- Cirrus Logic (CRUS[22]): Up 9.4% ($1.92) to $22.42.
- Express (EXPR[23]): Up 6.6% ($1.30) to $21.10.
Three Down
- Allied Nevada Gold (ANV[24]): Down 7.8% (39 cents) to $4.62.
- Taser (TASR[25]): Down 5.9% (70 cents) to $11.15. (Read more[26])
- Tiffany (TIF[27]): Down 4.4% ($3.57) to $77.25.
Marc Bastow is an Assistant Editor at InvestorPlace. As of this writing, he was long XOM.
Endnotes:
- CVX: http://studio-5.financialcontent.com/investplace/quote?Symbol=CVX
- XOM: http://studio-5.financialcontent.com/investplace/quote?Symbol=XOM
- RDS.A: http://studio-5.financialcontent.com/investplace/quote?Symbol=RDS.A
- RDS.B: http://studio-5.financialcontent.com/investplace/quote?Symbol=RDS.B
- MPC: http://studio-5.financialcontent.com/investplace/quote?Symbol=MPC
- COP: http://studio-5.financialcontent.com/investplace/quote?Symbol=COP
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- FB: http://studio-5.financialcontent.com/investplace/quote?Symbol=FB
- BBRY: http://studio-5.financialcontent.com/investplace/quote?Symbol=BBRY
- HPQ: http://studio-5.financialcontent.com/investplace/quote?Symbol=HPQ
- took losses: https://investorplace.com/2013/08/here-comes-the-chill-in-real-estate/
- LEN: http://studio-5.financialcontent.com/investplace/quote?Symbol=LEN
- HOV: http://studio-5.financialcontent.com/investplace/quote?Symbol=HOV
- KBH: http://studio-5.financialcontent.com/investplace/quote?Symbol=KBD
- DHI: http://studio-5.financialcontent.com/investplace/quote?Symbol=DHI
- JOY: http://studio-5.financialcontent.com/investplace/quote?Symbol=JOY
- ZLC: http://studio-5.financialcontent.com/investplace/quote?Symbol=ZLC
- (Read more: https://investorplace.com/2013/08/zale-the-perpetual-red-ink-machine-finally-runs-black/
- CRUS: http://studio-5.financialcontent.com/investplace/quote?Symbol=CRUS
- EXPR: http://studio-5.financialcontent.com/investplace/quote?Symbol=EXPR
- ANV: http://studio-5.financialcontent.com/investplace/quote?Symbol=ANV
- TASR: http://studio-5.financialcontent.com/investplace/quote?Symbol=TASR
- (Read more: http://slant.investorplace.com/2013/08/tasr-stock-taser-gun-swhc-rgr/
- TIF: http://studio-5.financialcontent.com/investplace/quote?Symbol=TIF
Source URL: https://investorplace.com/2013/08/wednesdays-ip-market-recap-oil-xom-cvx-rds-a-cop-mpc/