Small caps push higher; AER, LCC and PPO lead gainers
The Russell 2000 (NYSE:IWM) pushed higher Friday, fighting back from a midday slide into the red as commodity stocks, homebuilders and airline stocks offset another rough day for banks. Some of today’s small-cap gainers were Aercap Holdings (NYSE:AER), US Airways Group (Nasdaq:NYSE:LCC) and Polypore International (NYSE:PPO).
Other Market Watch highlights today included:
• Ahead of the open, the consumer price index came out at minus 0.7%, which was slightly below the forecast of minus 0.9%.
• The Michigan sentiment survey was reported at 61.9%, which was better than the forecast of 59.0.
• Crude oil prices climbed 3.1% today, adding $1.11 a barrel to $36.51, which likely helped stabilize energy and other commodity markets.
• The Energy Select Sector SPDR Fund was up 0.8%.
• A slide in the U.S. dollar today likely helped support various commodity markets and provide a cushion for commodity-tied stocks.
• Within the commodities realm, oil refiners and gas utilities were strong performers today.
• In the physical market, corn prices shot up 6% amid worries about a drought in Argentina, which competes with U.S. farmers on the global market.
• Airline stocks in general were solid performers today, with the AMEX Airline Index up 4.6%.
Small Cap Gainers:
• Aercap Holdings NV soared 22% to the highest daily close since early November. See (NYSE:AER).
• Small-cap carrier US Airways Group Inc. climbed 13% a day after the emergency crash landing in New York’s Hudson River was pulled off without . . .
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