|Dow Jones Industrial Average||53.51||0.43%|
|August WTI Futures||0.57||0.73%|
Source: Yahoo! Finance.
Yesterday, Moody's Investors Service took on the banking sector, downgrading 15 banking institutions, including Dow components Bank of America (NYSE: BAC ) and JPMorgan Chase (NYSE: JPM ) . Despite the downgrades, both banks are moving higher, with Bank of America up 0.38% and JPMorgan skyrocketing by 2%. The increase seems counterintuitive, but investors appear to see value in these financials; the downgrades have been expected for some time and they were not as severe as originally feared.
In the energy sector, First Solar (Nasdaq: FSLR ) continued its recent surge, up 9.3% already today. The company reached an agreement with Los Angeles County to resume its plans of constructing a 230-megawatt power plant. The energy sector also contains today's biggest mover in Harvest Natural Resources (NYSE: HNR ) , up 76% on the day after reports that the oil and gas producer is being acquired by Pertamina, Indonesia's state oil monopoly. This move is monumental not only because the $725 million deal is substantially higher than the $325 million market capitalization, but because it is an oil and gas firm leaving the socialist Venezuela.
Keep a long-term focus
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