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The Dow Now: Energy Stocks Rally

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Bank of America leads gainers.

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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.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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