Stocks Climb Early Monday Despite Oil Price Slide – Investor’s Business Daily

This post was originally published on this site

Stocks opened narrowly higher early Monday despite a continued slide in crude oil prices.

The Nasdaq rose 0.4%, the S&P 500 climbed 0.3%, and the Dow Jones industrial average was up 0.1%. Volume was tracking slightly higher on the NYSE but lower on the Nasdaq in the stock market today.

West Texas Intermediate oil slid 1% to $44.25 a barrel, after rising 2% earlier in the day. Oil production has been disrupted by wildfires in Canada, while Saudi Arabia reportedly replaced its oil minister over the weekend.

Generic drugs, airlines and meat products stocks led the upside. Steel, gold and oil stocks lagged.

Yelp (YELP) rose nearly 3%, extending its big gain from Friday, when the stock reclaimed its 200-day moving average. The online review site late Thursday reported Q1 earnings that blew away forecasts and also raised its revenue outlook, causing a 24% spike in its share price Friday.

Southwest Airlines (LUV) lifted 2% in fast trade as it regained its 200-day line. Shares are 7% below a 45.49 cup-with-handle buy point initially cleared in mid-April. The discount carrier’s revenue passenger miles rose 4.7% in April. Load factor, or percentage of seats sold, was 83.4% vs. 83.1% the prior year.

Tyson Foods (TSN) gapped up from its 50-day moving average and soared 4% to a new high in robust volume. The meat products company reported fiscal Q2 earnings that topped views and raised its adjusted earnings forecast.