The following is an excerpt from Steve Gelsi | September 7, 2012 | marketwatch.com |
NEW YORK (MarketWatch) — Exxon Mobil and Chevron ranked among the leading gainers in the Dow Jones Industrial Average on Friday as energy stocks pushed into positive territory despite a weaker-than-expected August jobs report.
Tapping into stronger oil prices, Exxon Mobil Corp. XOM rose 1.1% and Chevron Corp. CVX gained by 0.9%. The two oil majors are among the 30 stocks in the Dow Jones Industrial Average DJIA, which rose 15 points after the U.S. economy created 96,000 jobs in the last month, lower than the 125,000 gain expected by Wall Street economists.
The Energy Select Sector SPDR Fund XLE moved up by 1.7%. The fund includes energy stocks in the S&P 500 Index SPX. Among that group, coal producer Alpha Natural Resources ANR rallied 16.8% and Peabody Energy corp. BTU gained 10.8%. Consol Energy CNX jumped 7%.
The coal producers rose after Glencore raised its bid for Xstrata and China set plans to spend a hefty $156 billion on infrastructure. See story on Glencore.
One mining analyst also said the weak U.S. jobs report is raising the prospect of a new stimulus package from the Federal Reserve — a move seen as an indirect boost to infrastructure spending around the globe.
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