Oil Only Bright Spot in Up and Down Session

The stock market experienced a second straight day of lackluster trading. Oil continued its upward ride as the per-barrel price moved over the $71 level — a new high for the year. Meanwhile, it appears Fiat has the green light to execute its purchase of Chrysler. In afternoon trading stocks dipped a bit after a 10-year Treasury note auction featured a rich 3.99% yield. The Federal Reserve’s Beige Book figures were decent, which helped move the market back towards event territory. For a complete rundown of the day’s trading session, see our market story. 

As oil topped $71 a barrel, its increase also helped natural resources ETFs. The United States Oil fund (USO) increased 2%. The United States Gasoline fund (UGA) jumped 2.3%. Solar ETFs, which can move in lockstep with crude, had a good session, too. Market Vectors Solar Energy (KWT) increased 4%.

Financial ETFs lost ground as investors bailed on this long-ailing sector. The iShares Dow Jones U.S. Broker Dealers ETF (IAI) lost 2.1%

Earnings and Conference Calls
Del Monte Foods, Hoku Scientific, Lululemon Athletica, National Semiconductor, New Frontier Media

Economic Data
8:30 a.m. Initial Jobless Claims
8:30 a.m. May Retail Sales
8:30 a.m. May Retail Sales, ex-autos
10:00 a.m. April Business Inventories
10:00 a.m. DJ-BTMU Business Barometer

A look at how the industry's most popular ETFs did on Wednesday: