September 17, 2012
After last week's QE3-fueled blast upward, the Dow Jones Industrial Average (DJINDICES: ^DJI) started this week somberly. While the Dow was down about a quarter-percent as of 1:30 p.m. EDT, not all Dow stocks were down and out.
Energy behemoth Chevron (NYSE: CVX ) is leading the list of Dow stocks charging higher, hitting a 52-week high as oil prices continue their march upward. The stock is up 0.8% to $118.11 per share. Prices for a barrel of crude are above $100, running near four-month highs. The Federal Reserve announced plans last week to undertake another round of quantitative easing in hopes of spurring the U.S. economy. With hopes of economic stimulus and continued turmoil in the Middle East, oil prices are on the up and up, and Chevron is reaping the rewards.
Drugmakers Pfizer (NYSE: PFE ) and Merck (NYSE: MRK ) are both up roughly 0.6% after giving up about 2% apiece late last week. Pfizer's Inlyta recently got the nod from the European Medicines Agency, so the drug can now be prescribed for advanced renal-cell carcinoma. Every approval counts in the world of pharmaceuticals.
Telecommunications giant AT&T (NYSE: T ) is another Dow gainer today after reporting that the iPhone 5 broke sales records over the weekend with 2 million preorders in the first 24 hours of release. The company's stock is up about 0.7% to $37.51. Apple's newest smartphone is selling faster than the 4S, and the company has warned that demand will likely exceed initial supply of the device.
Another Apple success?
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