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

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

InvestorPlace 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[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].

  1. [Image]:
  2. Dow Jones Industrial average’s crossing of the 13,000 mark Tuesday:
  3. HL:
  4. EGO:
  5. AUY:
  6. GG:
  7. ABX:
  8. LCC:
  9. UAL:
  10. JBLU:
  11. DAL:
  12. WMT:
  13. reporting a 15% decline in fourth-quarter profits:
  14. DLTR:
  15. FDO:
  16. WYNN:
  17. company forced out co-founder Kazuo Okada:
  18. According to the:
  19. Las Vegas Review-Journal:
  20. ALU:
  21. GNW:
  22. JWN:
  23. WFT:
  24. CIEN:
  25. RSH:
  26. Read about Radioshack and two other high-yield dividend stocks to avoid here.:
  27. Kyle Woodley:
  29. here:

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