Market Wrap-Up for May 17 (BP, MEE, JPM, FCX, GS, LOW, more)

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The typical upswing in buying we see on Mondays didn't really take shape until late in the day, as the markets were able to come back from a mid-day drop.

We removed three dividend plays from our recommended list earlier, so be sure to check out the post below if you did not read the e-mail alert we sent out this morning. We are continuing to be proactive as far as out Best Dividend Stocks list is concerned. Subscribers continue to ask about BP Plc. ( BP ) and our downgrade weeks ago on the initial news of the oil spill. We continue to monitor the situation, but are still holding off on the name for now.

As for today's topsy-turvy action, commodity-related plays continued to drift lower here and it sure does feel good to side-step the big downturn that has occured recently. Leading the way lower today were names like Massey Energy ( MEE ) , U.S. Steel ( X ) , Peabody Energy ( BTU ) , and Freeport McMoran ( FCX ) . Many of these names have low dividend yields as well, and lack the support that other higher-yield names can often achieve. Elsewhere, the financial sector was able to bounce off intraday lows as Goldman Sachs ( GS ) and JP Morgan ( JPM ) found some buying suppo. On the earnings front, investors were not excited about the numbers this morning from Lowe's ( LOW ) , which closed down by 3%. Volume finished at 5.92 Billion shares on the NYSE, about the same as Friday, while the NASDAQ traded 2.31 Billion shares, a drop from the 2.51 Billion shares we saw on Friday.


We will continue to monitor the market environment and keep investors posted on how to best maneuver through the ups and downs.

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 The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Stocks

Referenced Stocks: BP , BTU , FCX , GS , JPM , LOW , MEE , X

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