TUESDAY, AUGUST 07, 2012
Energy stocks led the broader markets higher for a third straight day of gains in a rally underpinned by strength in commodities and weakness in the U.S. dollar as investors became risk-tolerant. Meanwhile, defensive sectors such as utilities and telecommunications lagged.
E&Ps outperformed after a handful of companies reported results that missed estimates but provided positive guidance. Chesapeake Energy rallied nearly 10% after its production surprised to the upside and its 2013 guidance was raised for production and cut for capital spending. The ...