Stocks were mixed as the NASDAQ hit another new high while the Dow closed down 13 points on higher volume at 24,800.
Retail stocks were big market movers today as Macy’s, Dillard’s, Gap, Nordstrom’s and Kohl’s all shot higher when an analyst came out with several upgrades saying that the “retailpocalypse” was over and that traditional retail stores are learning how to compete online against Amazon. Solid job creation and wage increases are also helping retailers post better numbers.
Oil prices have pulled back over the past week as word gets out that the US gubment is quietly pressuring Saudi Arabia and certain other OPEC members to increase oil production in a possible bid to replace Iranian production that could be lost due to sanctions. Meanwhile in the US the rig count increased to by 2 rigs to 821 last week and production continues to rise. The US Permian basin in Texas is becoming the epicenter of global oil production growth and companies are putting resources to work in this region. WTI crude closed the day near a one month low at $65.30 up 0.8%.
The birdie can fly! Shares of Twitter gained on heavy volume today after Standard & Poor’s announced the company would replace Monsanto in the S&P 500 Index. Monsanto is being purchased by Bayer so Tweeter will take its place officially on Thursday this week. The news means that Twitter will be purchased by all the passive S&P 500 index funds and ETFs. Monsanto had a market cap of $54 billion while Tweeter is roughly $29 Billion. Monsanto made up 1.5% of the index but I am not sure what percentage Twitter be.