Markets benefited once again from commodities on Wednesday, as a
rebound in that sector not only lifted the broader markets but
dragged the indices out of the negative territory. Meanwhile, Fed
minutes and a positive earnings report from bellwether Dell added
to the cheer.
The Dow Jones Industrial
Average (DJIA) gained 0.6% and settled at 12,560.18. The Standard
& Poor 500 (S&P 500) was up 0.9% to close at 1,340.68. The
Nasdaq Composite Index inched up 1.1% to end the day at 2,815.00.
On the New York Stock Exchange, AMEX and Nasdaq, consolidated
volumes were 6.5 billion shares, well below the average volumes of
8.4 billion shares last year. For every four stocks that gained on
the NYSE, one stock was on the declining side.
Commodities have been
fluctuating for a considerable period now and are making the
markets volatile. Once again, it was a swing in the commodities
that moved the markets, though this time they took an upward path.
Gold futures for June delivery and silver futures for June delivery
both surged 0.9% and 4.8% to settle at $1493.70 an ounce and $35.08
an ounce, respectively. Meanwhile, the energy sector derived
strength from higher crude prices which increased to over $100 a
barrel, as did the broader markets.
On the New York Mercantile
Exchange, crude oil for June delivery surged 3.3% to settle at
$100.10 per barrel. This jump comes after the Energy Department
reported supplies unexpectedly declined by 15,000 barrels for the
week ending May 13, 2011 to 370.3 million. Overall petroleum
inventories were left unchanged but total petroleum inventories
were down 0.1 million barrels and the total petroleum surplus
compared with five-year average was down by roughly 2 million
barrels.
The energy sector benefitted
from these gains as the Energy Select Sector SPDR fund increased
2.0%. Among the key stocks, shares like Chevron Corp. (NYSE:CVX),
Exxon Mobil Corporation (NYSE:XOM), ConocoPhillips (NYSE:COP),
Transocean Ltd. (NYSE:RIG), Halliburton Company (NYSE:HAL),
Schlumberger Limited (NYSE:SLB), Valero Energy Corp. (NYSE:VLO),
Western Refining Inc. (NYSE:WNR) and Chesapeake Energy Corporation
(NYSE:CHK) gained 2.4%, 1.7%, 1.8%, 1.4%, 3.6%, 2.1%, 2.6%, 6.8%
and 3.0%, respectively.
The material sector shared
the gains and was up 2.1% in the S&P 500. CF Industries
Holdings, Inc. (NYSE:CF) led the gains as it jumped 4.4% to settle
at $140.19 per share. Among other shares, Agrium Inc. (NYSE:AGU),
Potash Corp. of Saskatchewan, Inc. (NYSE:POT), Caterpillar Inc.
(NYSE:CAT), Alcoa, Inc. (NYSE:AA) and United States Steel Corp.
(NYSE:X) increased 2.1%, 2.4%, 3.1%, 1.5% and 1.5%,
respectively.
The Federal Reserve released
the Fed minutes, which suggested that officials believe the economy
is trending up. Much of the talk centered around the quantitative
easing program the Fed had implemented last year through its $600
billion-bond purchase plan. Since the declaration of the economic
stimulus, stocks have risen almost 25% and with interest rates
being kept low, commodities have also enjoyed an uptrend. In the
last meeting, a few officials were concerned about continuing the
program through June, but the minutes stated: "A few members
remained uncertain about the benefits of the asset purchase program
but, with the program nearly completed, judged that making changes
to the program at this time was not appropriate".
However, some officials
opined that tightening monetary policy is one of the next steps
forward and some central bank officials referred to raising the
interest rates to fight against inflation. This statement dragged
bond prices lower. Many officials also think the hike in interest
rates is a better option than the sale of assets when the time
arrives. The Fed report stated: "A majority of participants
preferred that sales of agency securities come after the first
increase in the (Fed's) target for short-term interest rates," and
added, "And many of those participants also expressed a preference
that the sales proceed relatively gradually, returning (Fed
holdings) to all Treasury securities over perhaps five years".
Commenting about the sale of assets, a chief strategist from
Prudential Financial in Newark said: "The longer the economic data
remain weak and the longer the unemployment numbers stay high,
there seems to be a growing chorus of analysts who think that the
Fed will be forced to use their balance sheet to keep
buying".
On the earnings front, Dell Inc. (NASDAQ:DELL) snatched the
limelight after reporting a strong jump in income and profit
margins. The software major also topped expectations and raised its
guidance for the next quarter. The company’s shares surged 5.4% and
settled at $16.75. Joining the favorable results from the
technology sector was Autodesk, Inc. (NASDAQ:ADSK) and its shares
climbed 1.8%.
ALCOA INC (AA): Free Stock Analysis Report
AGRIUM INC (AGU): Free Stock Analysis Report
CATERPILLAR INC (CAT): Free Stock Analysis Report
CF INDUS HLDGS (CF): Free Stock Analysis Report
CHESAPEAKE ENGY (CHK): Free Stock Analysis Report
CONOCOPHILLIPS (COP): Free Stock Analysis Report
CHEVRON CORP (CVX): Free Stock Analysis Report
DELL INC (DELL): Free Stock Analysis Report
HALLIBURTON CO (HAL): Free Stock Analysis Report
POTASH SASK (POT): Free Stock Analysis Report
TRANSOCEAN LTD (RIG): Free Stock Analysis Report
SCHLUMBERGER LT (SLB): Free Stock Analysis Report
VALERO ENERGY (VLO): Free Stock Analysis Report
WESTERN REFING (WNR): Free Stock Analysis Report
UTD STATES STL (X): Free Stock Analysis Report
EXXON MOBIL CRP (XOM): Free Stock Analysis Report
Zacks Investment Research
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