Jobless claims fall by 27,000; stronger than predicted
By Steve Gelsi, MarketWatch
NEW YORK (MarketWatch) -- Energy stocks rose Thursday on better-than-expected weekly jobless claims data.
The Dow Jones Industrial Average (DJIA 10,440, +52.94, +0.51%) rose 69 points, setting the stage for gains by petroleum and natural gas producers. DJIA components Exxon Mobil (XOM 61.32, +0.57, +0.93%) and Chevron (CVX 77.98, +0.73, +0.95%) rose 0.5% and 0.8% respectively.
Crude oil futures rose 1.5% to $75.76, also providing a lift for energy stocks.
The NYSE Arca Oil Index (XOI 989.99, +7.35, +0.75%) advanced 1% to 992. The NYSE Arca Natural Gas Index (XNG 512.80, +3.71, +0.73%) rose 1% to 514. The Philadelphia Oil Service Index (OSX 183.93, +2.20, +1.21%) rose 1.4% to 184.
Targa Resources Investments Inc. on Thursday filed to raise up to $300 million in an initial public offering, with Barclays Capital as underwriter.
The Houston company plans to issue common stock on the New York Stock Exchange under the symbol TRGP.
Targa Resources owns general and limited partner interests, including incentive distribution rights, in Targa Resources Partners LP (NGLS 27.15, +0.10, +0.37%) , a partnership specializing in midstream natural gas and natural gas liquid services in the U.S.
Shareholders in the IPO include funds managed by Warburg Pincus and Merrill Lynch Ventures.
