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Exxon and Chevron rise after a jump in oil prices following the weekend attack on Israel from Hamas, Lockheed Martin, Northrop Grumman and other defense...

Stocks declined Monday and oil prices jumped following Hamas’s surprise attack on Israel over the weekend. Bond markets in the U.S. were closed for Columbus Day.Exxon Mobil rose 3.7%, Chevron gained 3%, ConocoPhillips rose 4.2%, and U.S.-listed shares of Shell were up 1.7% after the jump in oil prices. Futures for West Texas Intermediate crude, the U.S. benchmark, were rising 4.3% to $86.34 a barrel. Traders were watching how the conflict affects oil production in the Middle East.

Separately, Lockheed ‘s board on Friday approved the expansion of Lockheed’s stock repurchase program by $6 billion, and the company raised its quarterly dividend to $3.15 a share from $3. Shares of Mirati Therapeutics fell 5% to $57.20 after the oncology developer reached an agreement to be acquired by Bristol Myers Squibb for $58 a share in cash. Mirati shares closed Friday at $60.20. Under terms of the deal, valued at up to $5.8 billion, Mirati stockholders also will receive one non-tradeable contingent value right per share, potentially worth $12 a share in cash. Bristol Myers rose 0.5%.

Alnylam Pharmaceuticals fell 9.6% after the company said it would no longer pursue an expanded indication for patisiran as a treatment for the cardiomyopathy of transthyretin-mediated amyloidosis after the Food and Drug Administration issued a so-called complete response letter.

 

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