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.
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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.
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