
Today the stock market finished in a very mixed pattern, with the Dow and S&P 500 finishing slightly lower, and the Nasdaq finishing marginally higher. Stocks were lower for the majority of the day, but rallied back toward unchanged late in the day. Oil prices closed in the $125 barrel range again signifying the crisis mode that energy prices are causing in mainstream America.![]()
Capital Goods was actually the strongest sector in today's trading. The main reason for that strong showing was Fluor Corporation (NYSE:FLR) beat earnings estimates and raised its Fiscal 2008 forecast substantially leading its stock to a jump of over 14%. Others in the infrastructure sector followed FLR's lead, gaining significant ground today. Jacobs Engineering Group (NYSE:JEC) finished higher by 5.65% on the day. Chicago Bridge and Iron (NYSE:CBI) jumped by 5.22%.
Energy stocks were also fairly strong today, though the gains were relatively small. Occidental Petroleum (NYSE:OXY) moved higher by 2.42% and finished the day at a 52 week high. Apache Corporation (NYSE:APA) charged higher by 3.92% on heavy volume today. Halliburton (NYSE:HAL) gained 2.85% and also closed right at its new 52 week high. A couple other energy names to hit 52 week highs today were Weatherford Int. (NYSE:WFT) and Smith Int. (NYSE:SII) up 2.42% and 1.12% respectively.
The weakest sector was once again the financial sector. JP Morgan Chase (NYSE:JPM) fell 3.73% after reports that it could face SEC civil charges. Wells Fargo and Company (NYSE:WFC) also lost 2.65% on the day. Brokerages also lost some ground as Merrill Lynch (NYSE:MER) fell by 1.81% on the day and Lehman Brothers (NYSE:LEH) slid by 3.59%. Capital One (NYSE:COF) shares lost 4.02% and E Trade Financial Corporation (Nasdaq:ETFC) lost 2.75% as investors continued to sell some of the biggest losers of the past few quarters.
The prices at the pump just continue to increase, with the national average today jumping to $3.76 for unleaded. As was noted by some on CNBC earlier today it seems that for quite some time the media has talked about the rising gas prices and how it would affect the consumer, but most individuals said little. That has all changed in the last few weeks as it seems this recent surge from the $3.20 level to over $4.00 in some places has really caught everyone's attention.
I suspect more and more attention will be paid to inflation data in the coming months as many economists and investors (myself included) fear that inflation could be a quickly growing problem in the quarters to come.







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