Energy companies help lead stocks higher on Wall Street

Wednesday, September 15, 2021 | Damian J. Troise, AP Business Writer


People walk by an electronic stock board of a securities firm in Tokyo, Wednesday, Sept. 15, 2021. Asian stock markets followed Wall Street down on Wednesday after U.S. inflation was lower than expected amid unease about the impact of the spread of the coronavirus's delta variant. (AP Photo/Koji Sasahara)

Stocks were modestly higher in morning trading Wednesday, helped by rising energy prices which in turn pushed energy companies higher.

The S&P 500 index was up 0.2% as of 10:59 a.m. Eastern. The Dow Jones Industrial Average was up 60 points, or 0.2%, to 34,638 and the Nasdaq composite was relatively unchanged.

Oil prices rose more than 3% and natural gas prices jumped more than 6% as the oil and gas industry continues to sort through the damage caused by hurricane season in the Gulf. Disruptions have been more pronounced than originally expected, and there's been some oil spills from some refineries.

ExxonMobil was up more than 3%, which was helping lift the blue chips more than the rest of the market. Occidental Petroleum was up more than 6.3% and Marathon Oil was up more than 5.7%.

Healthcare and industrial stocks also made solid gains. Communications companies and others that rely on direct consumer spending, including travel-related businesses, fell.

Casino stocks were falling following reports of a possible crackdown on the industry by Chinese officials in Macau, the former Portuguese colony and gambling center. MGM Resorts was down 4.6% and Wynn Resorts was down 8.5%.

The bond market was quiet, with the 10-year Treasury note trading at 1.29%, slightly higher from the day before.

Investors have been navigating a choppy market as they try to determine how rising cases of COVID-19 because of the highly contagious delta variant will impact economic growth. The employment market has been slow to recover and consumer spending has been tempered in recent months.

Wall Street will get get additional information on both the jobs and consumer spending situation on Thursday when the Labor Department releases its weekly report on unemployment benefits and the Commerce Department releases retail sales data for August.

Should you invest $1,000 in MGM Resorts International right now?

Before you consider MGM Resorts International, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and MGM Resorts International wasn't on the list.

While MGM Resorts International currently has a "Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.

View The 5 Stocks Here

 


Companies Mentioned in This Article

CompanyMarketRank™Current PricePrice ChangeDividend YieldP/E RatioConsensus RatingConsensus Price Target
Marathon Oil (MRO)3.0$12.63+7.7%1.58%-18.30Buy$15.85
MGM Resorts International (MGM)2.2$40.38-2.5%0.02%-15.84Buy$43.35
Compare These Stocks  Add These Stocks to My Watchlist 

MarketBeat - Stock Market News and Research Tools logo

MarketBeat empowers individual investors to make better trading decisions by providing real-time financial data and objective market analysis. Whether you’re looking for analyst ratings, corporate buybacks, dividends, earnings, economic reports, financials, insider trades, IPOs, SEC filings or stock splits, MarketBeat has the objective information you need to analyze any stock. Learn more about MarketBeat.

MarketBeat is accredited by the Better Business Bureau

© American Consumer News, LLC dba MarketBeat® 2010-2021. All rights reserved.
326 E 8th St #105, Sioux Falls, SD 57103 | U.S. Based Support Team at [email protected] | (844) 978-6257
MarketBeat does not provide personalized financial advice and does not issue recommendations or offers to buy stock or sell any security.

Our Accessibility Statement | Terms of Service | Do Not Sell My Information

© 2021 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. To see all exchange delays and terms of use please see disclaimer. Fundamental company data provided by Zacks Investment Research.