The Dow Now: Energy Stocks Rally

By Sterling Wong  SEP 27, 2012 12:10 PM

Bank of America leads gainers.


MINYANVILLE ORIGINAL US equities inched up on improved jobs data, with the Dow Jones Industrial Average (INDEXDJX:.DJI) up 0.17% to 13,436.52 points as of 11:55 p.m. EDT.
Initial jobless claims last week fell to 359,000, a decrease of 26,000 from the previous week.  The consensus estimate had been 375,000.
"Jobless claims are the most timely, and right now, employment is what matters," Dan Greenhaus, chief global strategist at BTIG LLC in New York, told MarketWatch.
Bank of America (NYSE:BAC) is looking to snap a four-day losing streak. Shares of the bank were up 1.99% to $8.99 as the company announced it is testing new smartphone payment technology.
Chevron (NYSE:CVX) (+0.71% to $117.12) and Exxon Mobil (NYSE:XOM) (+0.42% to $91.61) also moved up amidst a broader energy sector rally. The Energy Select Sector SPDR Fund (NYSEARCA:XLE), which tracks energy stocks in the S&P 500, rose 1.13% to $73.61.
Boeing (NYSE:BA) dipped 0.35% to $70.00 on news that the European Union has requested $12 billion in trade sanctions from the World Trade Organization to compensate for alleged government subsidies to Boeing for the development of the 787 Dreamliner.
Another decliner was Procter & Gamble (NYSE:PG), down 0.21% to $69.15. A Wall Street Journal article yesterday detailed how activist investor Bill Ackman and others have been trying to oust CEO Robert McDonald over “poor results, eroding investor confidence, and sagging employee morale.”

Twitter: @sterlingwong
No positions in stocks mentioned.

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