Benchmarks erased initial losses to end Wednesday's trading
session on a mixed note. During the morning session, markets had
slipped following a selloff in Asian and European equities over
growing concerns about the Chinese economy. The lingering tension
in Ukraine also dented the mood of the investors. However, the
S&P 500 and Nasdaq entered the positive territory late in the
afternoon banking on a rally in oil refineries, mining and
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TESORO CORP (TSO): Free Stock Analysis Report
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Ahead of Wall Street
The Dow Jones Industrial Average (DJI) declined 0.1% to close
Wednesday's trading session at 16,340.08. The Standard & Poor
(S&P 500) edged up a tad 0.03% to finish at 1,868.20. The
tech-laden Nasdaq Composite Index rose 0.4% to 4,323.33. The
fear-gauge CBOE Volatility Index (VIX) decreased 2.2% to settle
at 14.47. Total volume on the New York Stock Exchange was 3.2
billion shares. Declining stocks were outnumbered by advancing
stocks on the NYSE. For 41% stocks that declined, 56% advanced.
The benchmarks hovered in the negative zone for most of the day.
Investors' mood continued to be bearish following the
larger-than-expected decline in Chinese exports reported on
Monday. This sparked concerns among investors of a possible
slowdown in the world's second-largest economy. China's exports
plunged 18.1% year over year in February and its imports rose
10.1% for the month. This resulted in a trade deficit of $22.98
billion in February.
Investors also gauged the latest developments in Crimea. Early
last week, escalating political tension between Ukraine and
Russia over the Crimean region had dragged the benchmarks down to
their worst selloffs in about a month. However, the tension
subsided to some extent after Russian President Vladimir Putin
said he saw no need to use armed forces in Crimea for the moment.
On Tuesday, Ukraine government asked for Western help. European
Union members responded by agreeing to impose sanctions on Russia
in the form of travel restrictions and freezing assets against
the ones violating the sovereignty of Ukraine. European markets
such as Germany's DAX, Great Britain's FTSE and France's CAC all
registered a loss of about 1%.
Investors showed interest in buying oil refinery stocks on
Wednesday. Tesoro Corporation (NYSE:
) rose 4.1%, the biggest jump among the S&P 500 components.
Shares of Cliffs Natural Resources Inc. (NYSE:
) and Newmont Mining Corporation (NYSE:
) rallied 2.4% and 2.7%, respectively after investors showed
interest in buying up mining companies.
Tech giants Google Inc. (NASDAQ:
), Microsoft Corporation (NASDAQ:
, Inc. (NASDAQ:
) gained 0.6%, 0.7% and 1.1%, respectively. Overall the
Technology Select Sector SPDR (XLK) rose 0.2%.
Six out of ten sectors of the S&P 500 ended in red. The
Industrial Select Sector SPDR (XLI) led the decline as the sector
decreased 0.2%. Key stocks from the sector such as General
Electric Company (NYSE:
), The Boeing Company (NYSE:
), Honeywell International Inc. (NYSE:
), Danaher Corp. (NYSE:
) and Emerson Electric Co. (NYSE:
) fell 0.5%, 0.9%, 0.3%, 0.8% and 0.6%, respectively.
Among the advancing sectors, Utilities Select Sector SPDR (XLU)
gained 1.3%. Top holdings from the sector such as Duke Energy
), Dominion Resources, Inc. (NYSE:
), NextEra Energy, Inc. (NYSE:
), Southern Company (NYSE:
) and Exelon Corporation (NYSE:
) increased 1.3%, 1.4%, 1.4%, 1.4% and 1.1%, respectively.