Top 3 Reasons Markets were Up on BP Oil Spill Anniversary
Markets closed up on Wall Street: DJI +1.52% SP500 +1.35% Nasdaq +2.1% Gold +0.25% Oil +2.91%.
One year ago BP (NYSE:BP) ruined the Gulf of Mexico with Transocean (NYSE:RIG) and Halliburton (NYSE:HAL). Don’t worry: Oil & Gas companies were up huge today. So were markets in general as earnings season has gotten off to a better than expected start. On the commodities front, Oil (NYSE:USO) closed over $111. Gold (NYSE:GLD) and Silver (NYSE:SLV) keep inching higher too.
Today’s markets were up because:
1) Home sales shockingly increased. Although housing (NYSE:IYR) has been a real drag, Existing Home Sales came in at 5.1 million after yesterday’s solid data for housing starts and permits. Anytime investors get any good news about housing, there’s good reason to be optimistic about the remainder of the market.
2) Earnings brought happiness back to Wall Street. Earnings poured in all day … and bears were caught off guard. Dow 30 (NYSE:DIA) component United Technologies (NYSE:UTX) gave bulls reason to keep pushing on the bears, then they got help from Freeport-McMoran Copper & Gold Inc. (NYSE:FCX), EMC (NYSE:EMC), and more.
3) Apple Crushed After Hours Earnings. Here’s our coverage “Apple Earnings Cheat Sheet: Revenues ROCKET 82% as iPad Delivers Success“. Seriously, there are simply too many earnings to discuss!
Now that you’re in the know, enjoy the holidays!