Midday Report: Goldman Sachs Backs Chevron; Stocks Rally
U.S. stocks extended highs, putting Wall Street on track for its fourth straight week of gains.
Stocks extended highs, putting Wall Street on track for its fourth straight week of gains. Markets were sharply higher as crude oil surged after the International Energy Agency indicated spiraling prices may be coming to an end. Chevron (CVX) marched higher after Goldman Sachs upgraded to NEUTRAL from SELL. Analysts said higher oil prices would improve its outlook and that spending cuts would help its bottom line. Symantec (SYMC) was boosted to BUY from NEUTRAL at RBC Capital Markets. The firm said increased demand for online security would lead to growth, while low investor expectations made its current stock price appealing. General Motors (GM) made in-roads into driverless research after buying Silicon Valley startup Cruise Automation.
