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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US: Wall Street slips at open after Saudi attacks; energy stocks surge[NEW YORK] US stocks opened lower on Monday as the weekend attack on Saudi Arabian crude facilities knocked out 5 per cent of the world's supply and added to global growth worries, while the beaten down energy stocks soared as oil prices jumped more than 10 per cent. Read more at The Business Times.
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