One of the first initial public offerings of 2017, oilfield services company Keane Group, trading as FRAC, surged higher in its debut at the New York Stock Exchange on Friday. The company priced at $19 a share, at the top of expectations, and the stock rocketed nearly 15% higher in midday trading. James Stewart, the CEO of Keane Group, expects that under the new Trump administration the country will continue to push for U.S. energy independence, which will benefit Keane. But he does see some uncertainty over exactly what energy policies President Trump will propose. The fracking company operates in several active oil and gas basins, including the Permian. Keane competes against major players Schlumberger (SLB) , Haliburton (HAL) and Baker Hughes (BHI) . While the company has been losing money, Stewart says Keane is headed toward profitability and business has picked up since the first of the year. He says the big uncertaintly facing Keane -- like other oil companies -- would be a drop in oil prices.
More from Video
How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
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.