Today’s 3 Best Stocks: Genworth Financial Inc (GNW), Best Buy Co., Inc. (BBY), Hess Corp. (HES)

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Today looked like it was going to start off decisively negative, with China’s cabinet voting to make it more difficult for investors in the country to purchase a second home. Inflation has long been a problem in China, and curbs being put in place could create negative headwinds in one of the few countries propping up global growth.

That all changed, however, by mid-afternoon, with the introduction of Republican measures in the House of Representatives aimed at minimizing the amount of spending reductions set to hit the military because of the sequester. The measures will predominantly exempt the FBI and border patrol from the spending cuts, which would be a big boost to defense contractors that rely heavily on government spending to drive their business.

Genworth Financial Inc (NYSE:GNW)All told, the S&P 500 completely reversed course and finished the day higher by 7 points (0.46%) to close at 1,525.20.

The biggest winner within the index today was insurance, annuity, and mortgage insurance provider Genworth Financial Inc (NYSE:GNW), which jumped 6.7%. As MarketWatch recapped today, Genworth has been attracting the attention of fund manager Seth Klarman, whose firm, Baupost Group, currently owns 15 million shares, or 3%, of Genworth’s stock. Although these aren’t new positions for Klarman, it’s a reminder to investors that Genworth Financial Inc (NYSE:GNW)’s underwriting quality is improving right alongside the economy, which could bode well for shareholders moving forward.

Diversified oil and gas company Hess Corp. (NYSE:HES) shot higher by 3.5% after it announced a business overhaul that will entail exiting the energy trading and marketing business and selling its gas stations. Instead, Hess plans to double its annual dividend to $1 and repurchase $4 billion worth of its shares. This news comes just weeks after Hess Corp. (NYSE:HES) announced that it’d be selling its oil terminals located predominantly on the East Coast. The expected IPO of this spinoff is projected to occur before the end of 2014. Marathon Petroleum Corp (NYSE:MPC) was one of the first diversified oil and gas companies to perform such a split, followed closely by ConocoPhillips (NYSE:COP), and it’s been an incredible success. Marathon’s split allowed growth investors to focus on the oil and gas exploration side of the business, while dividend seekers were able to nab an investment in its refining business. Not surprisingly, Marathon Petroleum shot higher by 5.6% today as well.

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