Stocks climb on rising commodity prices, but Alcoa misses out
With traders looking to rising metal and crude oil prices as a sign of a strengthening economy, it's little surprise that returns on benchmark indexes for stocks and commodities have become highly correlated. Today, oil pushed above $71 a barrel, giving stock investors a reason to buy. The Dow Jones industrial average rose 91 points, or 1.1 percent, to close at 8,529.
Given the link between stocks and commodities, it's worth noting that Alcoa (AA) was the only Dow component to fall during today's trading session. It dipped after a downgrade by FBR Capital Markets, citing too much supply in the aluminum market.
For more stocks making moves today, be sure to check out BloggingStocks' market wrap-up.
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Given the link between stocks and commodities, it's worth noting that Alcoa (AA) was the only Dow component to fall during today's trading session. It dipped after a downgrade by FBR Capital Markets, citing too much supply in the aluminum market.
For more stocks making moves today, be sure to check out BloggingStocks' market wrap-up.
