Mid-Day Market Recap: Energy In Rally Mode, But Not Much Else


Co-workers go to lunch, but the market never stops churning. Here’s a look at what’s been happening with the market today:

  • Energy stocks rally with companies like BP plc (BP), Apache (APA), EnCana (ECA), Exxon Mobil (XOM), and Chevron (CVX) making gains while Petrohawk Energy (HK), Mitcham Industries (MIND) and Valero Energy (VLO) are at a loss.
  • The Dow is up 42.10 points (0.43%), the NASDAQ is down 13.02 points (0.61%), and the S&P500 is up 0.57 (0.05%) with no huge shifts in the past hour.
  • IBM approves a $5 billion stock buyback program (3% of market cap).
  • House prices are hitting pre-bubble levels again.
  • The technology sector is generally down, with companies like Apple (AAPL), Oracle (ORCL), Sirius-XM (SIRI), and 3Com (COMS) taking a hit.
  • Dennis Gartman says we’re all screwed if Apple (AAPL) drops below $200 again.
  • Currently, the market is just churning with little to no increases in volatility. The dollar was up earlier today but has since declined, with the Euro trading at around the 1.48 mark.

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