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Energy stocks skyrocket on oil rally

  • The S&P 500 appears to close in positive territory on Tuesday.
  • The S&P 500 energy index is up nearly 7% due to rising oil prices.

The S&P 500 Index (SPX) started the day near Monday’s closing level, but rose thanks to impressive gains seen in energy stocks. At the moment, the SPX is up 0.5% on the day at 3,719.

Following the two-day OPEC + meeting, Saudi Arabia’s energy minister said they will continue to support the oil market by voluntarily reducing their production by 1 million barrels per day in the February-March period. Fueled by this announcement, a barrel of West Texas Intermediate touched its highest level since February at $ 50.14 and the S&P 500 energy index rose nearly 7%.

S&P 500 Major Changes

Occidental Petroleum Corp (OXY: NYSE) is currently the best performer of the day, rising 13.5% to $ 19.80. Diamondback Energy Inc (FANG: NASDAQ), Apache Corp (APA: NASDAQ), Halliburton Co (HAL: NYSE) and Cimarex Energy Co (XEC: NYSE) are among the other top winners, between 10% and 13%.

On the other hand, shares of Verisign Inc (VRSN: NASDAQ) and Fortinet Inc (FTNT: NASDAQ) lose about 3% on the day as the largest percentage of falls.

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