It was another record-making trifecta for Wall Street with stocks getting a big boost from another crude rally. Hopes of an OPEC production freeze agreement sent oil to its best level in nearly four weeks. Chesapeake Energy (CHK) spiked after arranging a $1 billion five-year loan intended to repurchase senior notes due from next year through to 2038. The natural gas producer expects the tender to improve its financial flexibility. Best Buy (BBY) was downgraded to HOLD from BUY at Jefferies with its price target cut by $3 to $36. Analysts said the revision was driven by concerns over a maturing 4K TV cycle. AIG (AIG) was slightly higher on reports it is close to selling its mortgage insurance unit for $3.4 billion. AIG had previously looked into a possible float of the division.
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Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.