Your Wednesday Market Blip 9/28/16

Your Wednesday Market Blip 9/28/16

Stocks closed the trading session up 110 points to 18,339 on very heavy volume as energy related stocks took the lead.

The OPEC meeting in Algiers apparently netted some kind of production agreement which surprised everyone and sent WTI crude prices up by 5%. Exxon Mobile was the biggest gainer on the Dow with Chevron not far behind. News reports said that OPEC plans on finalizing production cuts when it meets again in November. The oversupplied oil market needed this news and some feel it will put a floor under oil prices. Several analysts feel the news of a possible production cut is evidence that the Saudi plan to hold market share by ramping up prodution was a failure. WTI closed near $47 per barrel.

Shares of Nike reported great earnings but the stock was off 4% as the company issued forward guidance that showed slowing global sales. Several analysts cut estimates and price targets for Nike.