Trading continues to lack conviction as the stock market moves
sideways. Energy continues to outperform the other sectors, up 1.6% to
a session high.
Transocean (RIG 153.95, +6.75) is lending support to the energy
sector. Transocean recently received a Buy rating at UBS. Oil giant
and Dow Jones component Exxon Mobil (XOM 90.90, +0.99) is also
providing leadership.
Fellow Dow component General Electric (GE 32.34, -0.17) has succumbed
to selling interest after trading higher in premarket activity. The
company announced it is putting its appliances business up for sale.