Street Recovers Slightly as Oil Prices Climb Above $110 (CVX, WMT)
The major indices rebounded on Wednesday after a couple days of losses. Some of the gains including a jump in oil and natural resource stocks were sparked by continued Syria worries. A possible military intervention remained in focus for many while the US capitol celebrated the 50th anniversary of Martin Luther King Jr.'s "I Have a Dream Speech" and march in Washington, DC. Chevron (CVX) and Exxon (XOM) led the Dow higher and Express Inc. (EXPR) surged after reporting Q2 profit that was higher than expected.Blackberry (BBRY) rallied 2.7% on talk that the company is looking to spin of its messaging service. It was shared that pending home sales fell for the second consecutive month in July. This was impacted by higher mortgage rates and prices, especially in the Northeast and Western regions of the US. The dollar rose against the euro, British pound and several other major currencies.
Word on the Street
- Previously owned home sales fall for a second second straight month in July.
- Indian rupee hits a record low on Wednesday after a particularly severe drop.
- Nintendo (NTDOY) cuts price of Wii U but doesn't lift US shares.
- Wal-Mart (WMT) announces same-sex benefits, puts pressure on others.
- Germany's Merkel says Greece should never have joined the euro as she campaigns for re-election.
- Securities class action lawsuit filed against Expedia Inc. (EXPE).
- TiVo (TIVO) Earnings Rise on Lawsuit Settlements.
Published on Aug 28, 2013By InvestorGuide Staff