Energy stocks soared Thursday, after President Donald Trump tweeted (Occidental Petroleum Corp. (OXY) shot up 21.0%, Marathon Oil Corp. (MRO) ran up 14.9%, Apache Corp. (APA) surged 21.4%, Exxon Mobil Corp. (XOM) rallied 9.3%, Chevron Corp. (CVX) climbed 11.9%, Halliburton Co. (HAL) rallied 15.3% and Schlumberger N.V. (SLB) gained 15.1%. Meanwhile, crude oil futures hiked up 27.7% and the Dow Jones Industrial Average tacked on 315 points, or 1.5%.) that he expects Saudi Arabia and Russia to cut oil production by about 10 million barrels, and "maybe substantially more." The SPDR Energy Select Sector ETF (XLE) shot up 11.5% in morning trading, with all 27 components gaining ground, including 23 that were up by a double-digit percentage. Just before the tweet, the ETF was up about 5%. The ETF's biggest gainer was Diamondback Energy Inc.'s stock (FANG), which was vaulted 25.8% higher. Among the most-active ETF components, shares of
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
April 02, 2020 10:53 ET (14:53 GMT)
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