Dow Finds Joy in News Concerning Asia and Syria
Both the Dow Jones Industrial Average and the S&P 500 are climbing nicely this Monday morning, buoyed by positive news from Asian markets, and possibly placated by polls showing that neither the American public nor congressional leaders favor a U.S. intervention in Syria.
A busy week for the Dow
The Dow has gained nearly 90 points by late morning, and some Dow components are experiencing quite a bit of movement. Tech giant Intel is up well over 1%, as the company prepares to open its developer conference in San Francisco tomorrow. A much-anticipated speech by new CEO Brian Krzanich early in the program is expected to give some insights on how the company plans to gain market share in the mobile tech market. An Intel-Google announcement on Wednesday may shed some light on that strategy.
Verizon gets even busier today, as its financial team, JPMorgan Chase, Bank of America, and Morgan Stanley, begin the process of finding and courting buyers of an initial $20 billion in bonds to help float Verizon's $130 billion purchase of its remaining shares in Vodafone. The company is also pondering the idea of offering billions in bonds with maturity dates of 100 years. Verizon shareholders don't seem enthralled with the plan, and the communications giant has lost more than 0.90% so far today.
On the legal front, Verizon begins its lawsuit against the Federal Communications Commission over "net neutrality." Verizon and cable titan Comcast allege that rules put in place two years ago by the FCC are outside of its purview, and that companies should be able to allocate additional bandwidth to certain customers for a fee. The regulatory agency maintains that Internet pathways should be available equally to everyone, and that all content should have the same chance of reaching consumers, regardless of where it originates.
ExxonMobil is looking energetic today, following a weekend Forbes piece reminding everyone that the oil colossus owns shares in two of the world's largest oil fields.
Some news regarding British Petroleum could also be giving Exxon a boost. A weekend report on the results of Louis Freeh's investigation into fraudulent conduct regarding claims payments from BP's Deepwater Horizon spill fund found misbehavior by two fund attorneys responsible for processing client payments from that fund -- validating BP's allegations of fraud in the claims process.
Now, a judge has asked Freeh to begin the process of taking back those fraudulent payments, good news considering how out-of-control BP's settlement costs have become -- and, just as important, putting big oil in a positive light.
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The article Dow Finds Joy in News Concerning Asia and Syria originally appeared on Fool.com.
Fool contributor Amanda Alix has no position in any stocks mentioned. The Motley Fool recommends Bank of America, Google, Intel, and Vodafone. The Motley Fool owns shares of Bank of America, Google, Intel, and JPMorgan Chase. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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