The Dow Jones Industrial Average declined in today's stock market after trading positive earlier in the day. The Nasdaq composite also reversed lower in afternoon trading.
XOil Stocks In The Stock Market Today
At around 3 p.m. ET, the Nasdaq composite fell 0.1%. The Dow Jones traded down around 0.4%, leading the downside. The S&P 500 declined 0.3%, while the Russell 2000 gained 0.2% and was the only index holding onto its earlier gains. Volume was running higher on the NYSE and lower on the Nasdaq vs. the same time on Friday.
The price of crude oil traded 1.7% higher as the commodity rose above $80 a barrel on Monday after logging a seventh straight weekly gain. Oil reached as high as $81.15 a barrel as global oil supplies remain tight amid a rebounding global economy. This has forced prices higher.
Energy Select Sector SPDR (XLE) traded down 0.2% after rising earlier in the trading day. Shares traded above a cup base with a 56.75 buy point. The energy sector has seen several stocks score breakouts in recent weeks, bucking the overall market correction.
Oil and gas firm Williams Cos. (WMB) broke out above a 28.45 cup base entry Monday after trading more than 1.3% higher. The stock traded near its lows of the day but remains inside the buy area, which tops out at 29.87.
Hess (HES), an oil and gas exploration firm based in New York, also scored a breakout early Monday from a cup base with 91.19 buy point. Shares slipped below the buy point in afternoon trading, however.
Callon Petroleum (CPE) and EOG Resources (EOG) are also near buy points. Meanwhile, Denbury (DEN) is forming a base with an 81.47 buy point.
Growth Stocks To Watch
The growth-focused Innovator IBD 50 ETF (FFTY) is holding above support at the 200-day line. Shares remain below the 50-day line. The ETF traded close to breakeven late Monday.
Stocks leading the upside in the index included Cloudflare (NET) and Digital Turbine (APPS), which gained of over 4% and 2%, respectively.
A handful of stocks in the MarketSmith Growth 250 scored breakouts including Asbury Automotive (ABG) and PNC Financial Services (PNC).
Asbury broke out from a very long and oddly shaped cup with handle, with a 211.56 entry. Shares remain near the lower edge of the buy zone. This stock is in the auto retail and wholesale industry group, which currently ranks a weak No. 117 of the 197 groups that IBD measures. Typically investors want to focus on stocks in the top 40 groups.
Meanwhile, PNC Financial services rose above a 203.98 flat-base entry. Shares failed to rise in heavy volume today, and the stock fell below the buy point, falling 0.5% in afternoon trading.
Elsewhere, Nasdaq (NDAQ) held a 0.5% gain. Shares cleared a 199.98 buy point of a flat base during Monday's trading. The operator of the stock exchange holds a 91 Composite Rating and an 86 Earnings Per Share Rating.
Follow Rachel Fox on Twitter at @foxonstocks for more Dow Jones and stock market commentary.
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