Late Market Roundup (DFT, AA, XOI, XNG, BBY, GS)

The Dow Jones Industrial Average swung to the negative territory as its economically sensitive industrial and materials components lost ground. Although the Dow was nearly flat in the morning session, it was trading down 42.40, or 0.41%, at 10207.14 by 12:57 pm. DuPont

and Alcoa

had declined around 2%. US crude-oil futures gained today, with a 1.4% rise to $73.86 a barrel in crude for July delivery on the New York Mercantile Exchange (NYMEX). The gain was driven by the report reflecting higher-than-expected fall in the nation's stockpiles of oil and gasoline. Shares of natural gas remained strong, while most energy shares moved into the negative territory, despite a rise in oil prices and favorable weekly supply data. While the NYSE Arca Oil Index

fell 0.25%, the NYSE Arca Natural Gas Index

gained 0.52%. Fitch Ratings has affirmed the long-term issuer default rating of Best Buy Co

at BBB+. The ratings agency has, however, raised its outlook from “negative” to “stable.” Fitch mentions that, "The revision in outlook reflects Best Buy's improvement in comparable store sales to positive 1.7% and 7.0% in the third and fourth quarters of fiscal 2010 from -6.2% and -3.9% in the first and second quarters of fiscal 2010, as well as the company's ability to maintain steady operating margins and credit metrics in fiscal 2010. It also reflects Fitch's expectation of positive low single-digit comparable store sales growth driving stronger operating results and modest improvement in credit metrics in fiscal 2011." According to Fitch, the rating for BBY’s stock is as per the company’s leading market position and successful operating strategy. Jan Hatzius of Goldman Sachs

has raised his forecast for US payrolls to more than 600,000 from over 500,000. According to Hatzius, the government has hired 450,000 temporary workers for conducting the census, which is 100,000 more than expected. His estimate for the private sector hiring remained at 150,000. Economists are expecting payrolls to have climbed by 523,000 in May. Read more