Energy stocks suffer broad selloff, led by Halliburton, as crude oil falls to more than 5-week low

Energy stocks were suffering a broad beating Tuesday, as a selloff in crude prices was exacerbated by a big decline in the broader stock market. The Energy Select Sector SPDR exchange-traded fund XLE sank 4.4% toward a five-week low, with all 23 equity components losing ground. With the ETF , Chevron Corp.’s stock CVX slumped 4.5%, enough to pace the decliners within the Dow Jones Industrial Average DJIA, which dropped 420 points, or 1.2%. The biggest XLE decliner was Halliburton Co.

Energy stocks were suffering a broad beating Tuesday, as a selloff in crude prices was exacerbated by a big decline in the broader stock market. The Energy Select Sector SPDR exchange-traded fund XLE sank 4.4% toward a five-week low, with all 23 equity components losing ground. With the ETF , Chevron Corp.’s stock CVX slumped 4.5%, enough to pace the decliners within the Dow Jones Industrial Average DJIA , which dropped 420 points, or 1.2%. The biggest XLE decliner was Halliburton Co.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Australia's Origin Energy raises earnings view on unexpected UK gainsAustralia's Origin Energy on Monday sharply raised the full-year earnings outlook for its key energy markets division for a second time, helped mainly by a stronger-than-expected contribution from U.K.-based energy retailer Octopus Energy.
Source: Reuters - 🏆 2. / 97 Read more »