Despite a Down Market, Oil Ends Week Above $60

Markets dropped like a rock in trading today, as the Dow lost over -100 points and closed just slightly above the recently-set 18k floor. The S&P 500 and NASDAQ both fell as well, shedding a combined -40 points. The Dow was down -115.44 points on the day, and closed at 18,010.68. The S&P 500 declined -13.40 points to close at 2,107.39, and the NASDAQ dropped -27.95 to close the day's trading at 5,070.03.

In overseas trading today, markets were generally down. One exception was Japan's Nikkei index, which posted a gain of 11.70 points in mixed trading.
Germany's DAX led in overseas losses, falling -258 points.

GameStop (GME) Rallies for the Second Day Straight

GameStop (GME) has been unstoppable for the second half of the week, falling right in line with my prediction of surging prices thanks to the company's increasing market share. For the second day straight, GameStop made a big move. Today it put on another 6%, or 2.49 points, to close the day at $43.41 per share. The stock has moved nearly 7% this week, despite declines on Tuesday and Wednesday.

Humana (HUM) Posts a Huge Increase In Share Prices

Health insurance company Humana (HUM) posted huge gains today, on news that enrollment was up and premiums would increase slightly over the next year. The company added another 36.24 points to its bottom line, bringing it to a yearlong high and closing the day at $214.65 per share.

Oil Ends the Week Above $60

The price of a barrel of crude managed to end the week above the $60 mark, but energy companies weren't feeling especially excited about it. Industry analysts have been saying that shale oil would have a hard time making a profit below $70 per barrel, and that's largely been true in the marketplace. Domestic drillers have been up and down, but businesses focusing on shale oil extraction haven't been able to match the upswings.

In trading today, Transocean (RIG) and Diamond Offshore (DO) -- two traditional drillers -- were both down, alongside shale oil companies like Noble (NE) and Ensco (ESV). The energy sector as a whole continued to lose money today, strongly hinting at the fact that oil prices are just too low to turn a profit -- and hire new workers, let alone keep the ones they already have.

Bristol-Myers Squibb (BMY) Down Despite New Cancer Drug

Drug and medical research giant Bristol-Myers Squibb (BMY) failed to post any growth today despite the fact that it announced a new cancer drug was moving on to the next stage of clinical trials. Typically good news of the sort is rewarded by soaring stock prices, but the market was so depressed today that Bristol-Myers didn't do anything but fall. Bristol-Myers Squibb was down over -6.00% on the day, losing -4.55 points to close at $64.60 per share.
Published on May 29, 2015
By Aaron Phillips
Aaron Phillips is a financial researcher and journalist based out of Michigan. He regularly writes the IG Daily and IG Weekly columns.

Copyrighted 2020. Content published with author's permission.

Posted in ...