Stock Market News for Feb 15, 2011 - Market News - ConocoPhillips (NYSE:COP), BP (NYSE:BP)

Markets closed marginally higher yesterday, after the absence of any major events which could have any significant impact. Though the Dow Jones Industrial Average fell, other benchmarks including S&P 500 and the tech-laden Nasdaq gained modestly posting new highs. The gain was primarily from a rally in energy and commodity stocks helped by a deal in the oil services sector.

The Dow Jones Industrial Average shed 0.04% to close at 12,268.19. The S&P 500 added 0.24% or 3.17 points to close at 1,332.32, recording its highest level since June 2008. The Nasdaq Composite Index rose 0.28%, to 2,817.18, closing at its highest level since November, 2007. The CBOE Volatility Index rose above 15.50. On the New York Stock Exchange, a mere 6.6 billion shares were trade

On the international front, Egyptian President Hosni Mubarak's exit has eased tensions in Egypt but the road ahead for the nation is still unclear. Chinese import figures for copper and crude has seen a surge in the numbers, suggesting a strong demand for oil and commodities is likely to follow. In Europe, Italy successfully sold government bonds worth 5.2 billion euro. Riding high on mining stocks, European shares closed on a 29-month high.

The day was completely lackluster with no major economic releases that could have pulled the markets up. However, US President Barrack Obama, proposed a federal budget that can reduce the US deficit by $1.1 trillion over the next 10 years. The President has also said that his proposed budget would provide $8 billion for investment in clean energy. Major economic releases that are lined up for Tuesday and Wednesday include Retail Sales, Business Inventories, PPI, Housing Starts, Industrial Production, Oil Inventories and FOMC minutes.

Among the stocks that were in focus, Oil Service HOLDRs' OIH share prices rose 2.52% after sliding lower last week. Major oil producers' shares rose after Chinese import figures showed a surge in the demand of crude. Shares of ConocoPhillips COP, Devon Energy DVN, BP BP and Exxon Mobil XOM all rose by 3.06%, 2.08%, 1.94% and 2.52% to close at $73.77, $88.24, $46.69 and $84.91 respectively. However, shares of Wal-Mart Stores Inc WMT fell 1.6% to $54.80 after JP Morgan JPM downgraded the retail-giant.

Coming to mergers and acquisitions news, conglomerate GE Co GE has said it will buy the well-support division of John Woods Group plc, a British company, which will help to bolster its oil and gas services businesses. Businesses like extracting gas from shale will be greatly benefitted because of this agreement. The deal is valued at $2.8 billion in cash. EchoStar SATS agreed to acquire Hughes Communication HUGH in a deal worth $1.33 billion, in a move which will boost the broadband capabilities of the company. Shares of Hughes Communication fell 3.74% to $59.47 to end in the red. In a deal worth about $3 billion, private equity firm Clayton, Dubilier & Rice has announced plans to buy Emergency Medical Services Corp EMS.

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