Market Wrap-Up for Sept.1 (BHP, FCX, COH, BKC, CLF, BEN, more)

By Staff,

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It was great to hear last night that U.S. troops will soon be leaving Iraq and rejoining their families back at home.

President Obama's message is about the country fixing what is broken here (the economy) and spending more resources to do just that. Let's hope this comes with a push for new jobs that come from the corporate world as a result of new innovations. We need new industries to bring some manufacturing back to the states, as well.

Following the initial euphoria of the troops coming home comes the reality of the lack of jobs once they're back on U.S. soil. Our soldiers will be joining millions of other Americans that are currently jobless and are scrambling to provide for themselves and their families. Let's hope Washington has a plan, and that the decision we made in Iraq wasn't just aimed at feeling good in front of the November elections.

Looking at today's action, the buying was definitely in the high-beta names that have been the leaders of late, i.e. the commodity space. BHP Billiton ( BHP ) , Freeport McMoran ( FCX ) , and Cliffs Natural Resources ( CLF ) all paced the gains. We also saw names like Coach ( COH ) and Franklin Resources ( BEN ) pushing higher as well. Burger King ( BKC ) was up this morning on rumors of a private equity takeover of the company. The brand certainly has turnaround potential, and if bought at the right price, I could see the buyers making a decent return on the purchase. We do not currently recommend the shares, but if they dip back down again, they may be worth a second look. Volume on the NYSE matched the total we saw last Tuesday when we dropped 133 on the Dow. We continue to be hardly impressed by the upside volume, and hope to see better traction when we get rallies, as far as volume is concerned.

Be careful not to get carried away with the one-day moves. We have seen them in the past, but I am looking deep into the quality of the rally and it still remains a bit too confined to the high-beta momentum stocks for the most part. For now, stick to the recommended names on our industry-leading Best Dividend Stocks list. See you tomorrow!

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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This article appears in: Investing Stocks
Referenced Stocks: BEN , BHP , BKC , CLF , COH , FCX

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