Amazon Jumps on Upgrade; Stocks Extend Gains on Crude Rebound

Amazon (AMZN) popped in midday trading Tuesday after UBS analysts upgraded the stock to BUY and raised price targets due to optimism over growth in its fulfillment and Prime businesses. Stocks moved modestly higher, shaking off earlier pressure from commodity markets after the U.S. and Iran agreed upon a nuclear deal. Crude oil recovered its position above $52 a barrel, despite the deal which would see Iranian oil return to an already oversupplied global market. Economists argue the reaction is likely a result of a deal already being priced in after lengthy negotiations between Iran and world powers. Former Sallie Mae unit Navient (NAVI) fell after issuing a warning for its second-quarter results. The revision was primarily due to poor performance in its private-loan portfolio.