After a gloomy closing on Friday, Wall Street was higher on Monday. Oil prices are boosting energy stocks, Apple (AAPL) is climbing and the retail sector is bracing for the release of new quarterly reports this week.
Here’s the day’s market roundup for Monday, May 16:
Oil Surges Higher
Oil soared over 2% on Monday, reaching a six-month high, thanks to output disruptions in Nigeria.
Prices were also driven by a report from Goldman Sachs (GS) claiming an end to the two-year supply glut. The bank reports that oil has now flipped to a deficit.
Apple (AAPL) Rises
Apple’s shares were up 2.9% on Monday on news that Berkshire Hathaway (BRKa), owned by the famed Warren Buffet, has a $1 billion stake in the company. The stock climbed to $93.15, boosting all three indexes.
Retail Braces for More Quarterly Reports
The retail sector is in focus again this week after a string of disappointing quarterly reports offset positive retail sales data for April last week. Three major retailers are expected to release their quarterly reports this week: Home Depot (HD), Wal-Mart (WMT) and Target (TGT).
U.S. Markets Are Higher
Monday is shaping up to be a good day for U.S. markets, with the S&P 500 up 12.88 points to 2,059.49, the Dow Jones up 111.56 points to 17,646.88 and the Nasdaq Composite up 38.45 points to 4,756.13.
Eight out of the 10 major sectors on the S&P 500 were higher. The energy index led the advancers with a 1.23% rise as oil prices climbed. The sector’s biggest boost came from Schlumberger, which climbed 2.1% to $73.90.
Other market movers include:
- Anacor Pharmaceuticals (ANAC) skyrocketed 54.6% to $99.01. Pfizer (PFE) offered the buy the drugmaker in a $5.2 billion deal.
- Tribune Publishing (TPUB is up 22.6% to $14.06. Gannett (GCI) boosted its buyout price to $15 per share. The move drove Gannett’s stock down 0.2% to $15.66.
- Memorial Resources Development (MRD) climbed 8.9% to $14.65. Range Resources (RRC) offered to buy the company in a $3.3 billion deal. Range Resources fell 5.7% on the news to $39.58.
