U.S. indices were in the green across the board Monday, continuing to gain following a strong pre-market futures performance. The Dow Jones Industrial Average and S&P 500 were both up 0.3% while the Nasdaq climbed 0.1%.
The indices' gains were in contrast to the decline of crude prices. Industry standard Brent crude futures contracts were down $1.28 to $46.09 per barrel while West Texas crude contracts were down $1.06 to $44.86 per barrel.
Oil stocks were taking a hit due to falling commodity prices. ConocoPhillips (COP) shares were falling more than 3%. BP (BP) has spent time in both positive and negative territory and was down 0.6% midday. Whiting Petroleum (WLL) shares were down double digits on heavy volume.
Halliburton (HAL) shares were up 2.3% on heavy volume after the oil services company announced it was nixing its proposed $34.6 billion merger with rival Baker Hughes (BHI). Baker Hughes shares were down nearly 4% on more than double their normal volume.
Shares of Genworth Financial (GNW) were up more than 15% on heavy volume midday, continuing to gain following their strong showing after an earnings beat on Friday. The company reported first-quarter net income of $0.21 per share, topping analyst estimates by $0.07 per share.
Enbridge Energy Partners (EEP) shares were down 0.2% midday after reporting mixed first-quarter results. The company earned $0.17 per share in the quarter, $0.06 better than Wall Street expected. Revenue for the quarter dropped 25.7% amid falling commodity prices to $1.06 billion, missing analysts' $1.29 billion guidance.
Shares of cloud-based software provider for utilities Opower (OPWR) were up more than 30% after the company was purchased by Oracle (ORCL) for $10.30 per share, or $532 million. The move gives Oracle an avenue into the energy market. Oracle shares were up 0.3% on weak volume midday Monday.