Setting a bullish tone for the sector, the Dow Jones Industrial Average (DJIA 10,322, +201.77, +1.99%) jumped 202 points, or 2%. Exxon Mobil Corp. (XOM 59.38, +1.21, +2.08%) and Chevron Corp. (CVX 73.44, +1.27, +1.76%) , both components of the Dow, each rose about 2%.
Crude oil futures soared $2.74 to $79.30, their highest level in three weeks, lending strength to energy stocks.
The NYSE Arca Oil Index (XOI 963.04, +22.93, +2.44%) climbed 2.4% to 963. The NYSE Arca Natural Gas Index (XNG 515.80, +11.36, +2.25%) rose 2.3% to 516, and the Philadelphia Oil Service Index (OSX 180.10, +3.52, +1.99%) advanced 2% to 180.
Bucking the upward trend, shares of Diamond Offshore Drilling Inc. (DO 62.31, -1.83, -2.85%) lost 2.9% to $62.31 after the company missed its second-quarter earnings target and cut its special dividend because of the impact of the offshore drilling moratorium. Read more about Diamond Offshore's results.
Meanwhile, Exxon Mobil, Chevron, Royal Dutch Shell (RDS.A 55.87, +2.00, +3.71%) and ConocoPhillips (COP 53.27, +1.15, +2.21%) formed a $1 billion nonprofit venture to help address oil spills. Read more about the oil companies' latest effort.
|
