The largest exchange-traded fund to track the energy sector rallied on Thursday, advancing alongside a gain in the price of crude oil, as well as positive corporate results. The Energy Select Sector SPDR ETF added 2.1% and was by far the biggest gainer among the 10 SPDR sector funds. The ETF was supported by crude-oil prices, which rose 1.4% following an unexpected decline in inventories, which pointed to improved demand. Among the biggest gainers in the sector was Chesapeake Energy Corp. , which surged 24% after it reported fourth-quarter results that beat expectations. Among other big movers, Exxon Mobil Corp. added 2.2% while Occidental Petroleum Corp. gained 2.1%. Despite the rally on the day, the energy ETF is down 4.7% over the past 12 months, making it the worst performer of the SPDR sector funds. The Dow Jones Industrial Average rose 1.2% on Thursday while the S&P 500 was up 1% and the Nasdaq Composite Index was up 0.8%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News