Market Wrap-Up for May 3 (MCD, DPS, SPG, NKE, BP, CLF, more)

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Despite the oil spill looming to be a bigger disaster than previously thought, potential terrorist car bomb that was defused in New York City, widespread immigration protests, yet the market didn't blink and went straight up to start the week.

Many market experts would say this is what a bull market does, as far as "climbing a wall of worry" is concerned. We would be a bit more cautious than the so-called financial pundits, as we feel there may be a bit too much complacency from investors. If you remember, there were many experts believing the reaction to BP's stock last week was overdone. Sure doesn't look like it today, I guess, with the shares closing down nearly 4% in an up market.

As for the rest of today's action, we saw Wall Street upgrades carrying shares of McDonald's ( MCD ) , Dr. Pepper Snapple Group ( DPS ) and Starwood Hotels ( HOT ) higher. REITs continued to power ahead in hope of further consolidation in the space. Public Storage ( PSA ) , Equity Residential [[EQR] and Simon Property Group ( SPG ) were all winners. Other dividend names that traded higher included Nike ( NKE ) , Hasbro ( HAS ) and Nordstrom, Inc. ( JWN ) .


There was weakness in the commodity sector as we saw shares of Peabody Energy ( BTU ) , Freeport McMoran ( FCX ) and Cliffs' Natural Resources ( CLF ) close in the red. BP plc ( BP ) took another hit today despite several analysts defending the shares on Friday. Volume fell off quite a bit from Friday's frantic selling pace. The NYSE traded 4.94 Billion shares, while the NASDAQ traded 2.26 Billion shares.

We are scanning our recommended names and may have further changes coming up shortly. We'll be sure to let subscribers alerted to any changes.

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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