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U.S. stocks mixed after the open as oil drops; Dow up 0.11%

Forex Pros - U.S. stock markets were mixed after the open on Tuesday, as market sentiment improved as oil prices retreated from two-and-a-half-year highs.

During early U.S. trade, the Dow Jones Industrial Average climbed 0.11%, the S&P 500 index eased up 0.09%, while the Nasdaq Composite index shed 0.35%.

Oil prices retreated from 29-month highs after the Organization of the Petroleum Exporting Countries said they were in discussions to boost production for the first time in more than two years, easing concerns over the global economic recovery.

Shares in the airline sector were boosted by the news, with U.S. Airways soaring 3.1%, rival Delta Airlines jumped 2.6%, while shares of JetBlue added 1.6%.

Meanwhile, the world's largest aircraft manufacturer Boeing saw shares gain 1.1% after it secured a deal to sell five 747-8 passenger planes to Air China for approximately USD1.54 billion.

Shares in telecommunications provider Sprint Nextel rallied 5.8% after Bloomberg reported it planned to announce a takeover bid for rival T-Mobile USA from its parent Deutsche Telekom.

In earnings news, spirits-maker Brown-Forman saw shares jump 7.1% after it reported third quarter net income increased by 30% from a year earlier to USD140.7 million. Revenue in the quarter rose by 12% to USD962.4 million, boosted by strong international sales.

However, clothing chain operator Urban Outfitters saw shares plunge 16% after it said fourth quarter net income fell by 3.5% from a year earlier to USD75.2 million, as comparable store sales slipped by 2% in the quarter.

Also Tuesday, convenience store retailer Casey's General Stores tumbled 9.2% after it reported fourth quarter earnings that fell short of market expectations.

Across the Atlantic, European stock markets were down. The EURO STOXX 50 shed 0.62%, France's CAC 40 dipped 0.52%, Germany's DAX slumped 0.96%, while Britain's FTSE 100 lost 1.03%.

Later in the day, the U.S. was to publish a report on economic optimism.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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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