BP (NYSE:BP) shares rose 2.8 percent, as well as Exxon Mobil's (NYSE:XOM) shares rising 0.37 percent. This stock price increase is believed to be because of BP's success in their recent fuel oil containment attempt. BP says that the cap that was put onto the leaking pipe, continues to capture the spewing oil and they're expecting to increase the amount collected as the week progresses. In energy trading, oil futures were down to $71.46 a barrel, a 5 cent loss.
As of 10:08 AM in New York trading, the Standard & Poors 500 index saw an increase of 0.4 percent to 1,068.68. This was after a drop in futures trading declined as much as 1.3 percent before the opening of the U.S. stock exchange. This was after S&P 500 saw a 3.4 percent drop on June 4th. The Dow Jones Industrial Average futures saw an increase of 13 points, to 9959.00. The Nasdaq 100 futures rose to 1839.50, seeing an increase of 5.25 points.
Stanley Nabi, Vice Chairman of the New York based Silvercrest Asset Management group, in charge of managing $9 billion said, "I still see a choppy stock market of small gains and losses. We see some buying today after all, how much can you keep on beating the market ? Investors just need to have more conviction. But that's probably not going to happen until we see strong second quarter earnings."
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