Exchange-traded funds tracking the energy sector were surging Monday after Pfizer (PFE) and BioNTech (BNTX) said their vaccine was much better than expected at protecting people from COVID-19 in a crucial study. The news helped sparked a global rally in stocks and other assets perceived as risky, particularly in energy assets where demand concerns from the fallout from the coronavirus had loomed large. The Energy Select Sector SPDR ETF (XLE) was gaining nearly 13%, which would represent its sharpest daily rally since March 24, while the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) was also soaring nearly 13%, on track for its best day since March 13. Meanwhile, West Texas Intermediate crude for December delivery jumped 8.8%, to $40.40 a barrel on the New York Mercantile Exchange. Some of the corporations leading gainers on Monday, including Valero Energy Corp. (VLO), National Oilwell Varco Inc. (NOV) and Diamondback Energy Inc. (FANG), all rallying by at least 20% on Monday.
-Mark DeCambre; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
November 09, 2020 10:59 ET (15:59 GMT)
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