Market Wrap-Up for June 28 (MO, RAI, PEP, JNJ, CLF, X, more)
We started to have some window dressing on Friday, but sellers took some of the sizzle away in the afternoon. Today ended up being a very similar case.
Looking at today's tape, we saw a big pop in tobacco plays after the U.S. Supreme Court rejected the Justice Department's bid for as much as $280 billion in tobacco company profits, refusing to hear an Obama administration appeal. Companies like Altria Group ( MO ) , Reynolds American ( RAI ) and Lorillard ( LO ) all moved nicely higher. Other names doing well today included Pepsico ( PEP ) and Johnson & Johnson ( JNJ ) .
Commodity-related shares were dragging the indices lower for much of the day. Plays like Massey Energy ( MEE ) , Cliff's Natural Resources ( CLF ) , and U.S. Steel ( X ) did their share of the damage. The dividend yields of these companies are below average and make them unattractive.
Hope everyone had a great weekend as we get set for another week of action. It's a regular schedule this week, but the market will be closed next Monday, July 5 to honor the 4th of July holiday.