U.S. stocks rebounded from yesterdays down trading session as oil prices boost energy stocks and investors anticipate the Federal Reserve's statements on the economy to be released later today. Major gas companies like Chevron (NYSE: CVX) and Exxon Mobil (NYSE: XOM) are up, helping to hold up the Dow Jones Industrial Average. In tech stocks, investors are torn between Dell's (NASDAQ: DELL) strong quarter and outlook versus Hewlett Packard's (NYSE: HPQ) disappointing Q2 results. The two largest PC makers in the industry seem to be moving in opposite directions. Though earnings data for this season have been mostly upbeat, the momentum seems to be dissipating as investors are now searching for a new catalyst to stop the downtrend. According to data from Thomson Reuters, 69 percent of the 471 S&P 500 companies that have already reported earnings have beat Wall Street estimates. But investors remain skeptical of the market's outlook. In commodities, oil prices edged up closer to $100 a barrel after the dollar weakened and a government report indicated supplies were flat last week. Gold and silver prices have also rallied a bit after their recent sell-off.
Major U.S. Stock Indices
DJIA: 12,509.92 (+0.25 percent)
S&P 500: 1,336.08 (+0.53 percent)
NASDAQ: 2,802.01 (+0.68 percent)
Russell 2000: 829.41 (+1.11 percent)
In other news:
- The Securities & Exchange Commission is cracking down on ratings agencies like Standard & Poor's, Moody's, and Fitch Ratings, which were called, "essential cogs in the wheel of financial destruction." [DealBook]
- Hershey's (NYSE: HSY) CEO David West is leaving the chocolate giant to head Del Monte Foods, which is about half the size and private. [WSJ]
- Less than 10 years after 9/11, the Ground Zero project gets its first tenant. Publishing company Conde Nast will serve as the anchor to 1 World Trade Center, and hopefully draw in other businesses too. [NY Times]
- A case for the next bubble. If true, is this the lamest bubble ever? [Smart Money]
- The 10 largest IPOs since Google (NASDAQ: GOOG), four of which are Chinese companies. [Fortune]
Check back as more news develops.
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