Market Wrap-Up for June 2 (BP, SLB, HAL, JOYG, PNC, CNX, more)

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Wall Streeet firms believed the markets may have gone too far yesterday in selling off oil and oil-service related plays, so they came out with some positive calls this morning to help lift the sentiment, and it sure did help some of the more beaten-up plays.

We may be also seeing some of the early June inflows making their way into the market as well. Some of today's biggest rebounders included Schlumberger ( SLB ) , Halliburton ( HAL ) , and Joy Global ( JOYG ) . We saw other commodity names lift as well, with Consol Energy ( CNX ) and Peabody Energy ( BTU ) moving higher. The move in the energy plays does feel like something of a short-term play, so investors need to be careful as we have seen what happens to stocks with low dividend yields which can get hit very hard. Wall Street may certainly be keying on a short-term trade more than a pure fundamental positive outlook for the group. BP plc ( BP ) counters that low-dividend energy play theory, but the current dividend yield is likely not as secure as investors think. This is one where the high dividend yield can be more of a trap than buying opportunity.

We also saw some buying in financial names like PNC Financial ( PNC ) and American Express ( AXP ) finishing easily in the green, as did retail plays like Ross Stores ( ROST ) and Coach ( COH ) . Volume was again light despite the big point gains.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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