NEW YORK - Energy stocks spiked while most of Wall Street fell on Monday after weekend attacks on Saudi Arabia’s oil facilities added to investors’ concerns about geopolitical risk and a stumbling global economy.
Shares of Apache Corp , Helmerich and Payne and Cimarex Energy jumped between 12% and 17% and led gainers on the S&P 500. Anticipation of higher fuel costs drove down shares of airlines and cruise line operators with the S&P 1500 airlines index shedding 2.1%, while Carnival Corp fell 3.2%. Shares of defense companies Raytheon Co, Lockheed Martin Corp and Northrop Grumman Corp rose more than 2%. J.P. Morgan upgraded Raytheon shares to “overweight.”
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