Crude inventories for the week ended June 21 unexpectedly rose 803,000 barrels, compared to the expected decline of 1.1 million. Just prior to the release, Crude was trading down 1.0% to $135.69 per barrel.
Stocks bounce to session highs on the crude data. The Dow is up 0.4%, underperforming the S&P 500's gain of 0.8%.
Boeing (BA 70.62, -4.17) is the largest drag on the Dow, falling more than 5%. According to reports, Boeing was added to the Conviction Sell List at Goldman Sachs, citing the weak economy and record fuel prices. American Express (AXP 41.70, -0.40) is also in the news, after announcing it will receive $1.8 billion from MasterCard (MA 293.94, +13.57) after settling an antitrust lawsuit. American Express claimed that MasterCard had illegally blocked AXP from the U.S. bank-issued card business. AXP had previously settled its lawsuit with Visa (V 83.89, +1.23) for $2.25 billion.
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