Oil Drop Lifts Markets, Key Stocks In Motion
The markets opened slightly higher today on the back of a drop in oil. The markets have maintained their slight positive open as volume dries up. The SPDR S&P 500 ETF (NYSE:SPY) is trading at $133.30, +0.44 (+0.33%) as the United States Oil Fund LP (NYSE:USO) has fallen to $44.74, -0.41 (-0.91%). Not only was oil extremely extended but talk of a cease fire in Libya is mounting. These are putting pressure on the commodity and the market is liking it. Higher oil means less spending money for the average American. Lower oil means more spending. Obviously, the markets like the more spending option, especially during this economic recovery.
Monsanto Company (NYSE:MON) is bouncing sharply today after being crushed on earnings late last week. After reporting earnings on Wednesday that did not meet Wall Streets expectations, the stock fell from $74.50 to a low on Friday at $66.22. This massive drop has coaxed buyers into the stock today as it is bouncing sharply to $67.43, +1.21 (+1.83%).
Baidu.com, Inc. (NASDAQ:BIDU) is surging higher today on news of a joint venture with Facebook. Baidu.com will be bringing a social network to China with the help of Facebook. Baidu is trading at $146.25, +4.37 (+3.08%). The key resistance level for the stock is at $150.00 as the market cap is now just above the infamous $50 billion.