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In Case You Missed Wednesday

Stocks can still go up when oil prices do


Take that, oil prices:
  • Oil prices jumped above $100/barrel and stocks managed a gain. So that’s new. But it wasn’t much of a gain, as the DJ total stock market index moved just 0.2% higher. On the other hand, tech stocks and small-caps outperformed, suggesting there still exists some market contingent to see if this buy-the-dip thing still works. (Of course, at some long-term level, it always has). Everybody seemed to be talking about how nobody was talking about gold and silver hitting all-time and 30-ish-year-hights, respectively. The yield on the 10-year note jumped to 3.47%, as inflation-watchers seemed to be spooked by the Fed Beige Book report, which suggested that businesses may actually have the audacity to try to pass on higher production costs to consumers.
  • After the closing bell, shares of Foot Locker (NYSE:FL) inched 1.3% higher after the company beat fourth-quarter earnings estimates. Micro-cap Gasco Energy (AMEX:GSX) fell 6%, which is all of 4 cents, after the company’s earnings reports. The stock is among many small energy names catching investor attention in the wake of higher oil prices. 
  • On Thursday, an a.m. earnings report from Kroger (NYSE:KR) leads the earnings roster. Economic data highlights include weekly jobless claims, a fourth-quarter revised productivity report, and the February ISM nonmanufacturing survey.

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