Oil-Related Stocks Rise as Markets Claw Back Losses

But Monday was a bad day for travel stocks
By Newser Editors and Wire Services
Posted Sep 25, 2023 3:56 PM CDT
Travel Stocks Slump as Oil Prices Rise
A pumpjack of Wintershall DEA extracts crude oil at an old oil field in Emlichheim, Germany.   (AP Photo/Martin Meissner, File)

Wall Street clawed back some of its steep losses from last week, but September is still on track to be its worst month of the year despite Monday's gains.

  • The S&P 500 rose 17.38, or 0.4%, to 4,337.44, coming off its worst week in six months.
  • The Dow Jones Industrial Average edged up by 43.04, or 0.1%, to 34,006.88.
  • The Nasdaq composite gained 59.51, or 0.5%, to 13,271.32.
Oil-related stocks led the way, as Exxon Mobil rose 1.1% and ConocoPhillips gained 1.6%. As a group, energy stocks in the S&P 500 climbed nearly twice as much as any of the other 11 sectors that make up the index. While crude oil prices were mixed Monday, they've leaped sharply since the early summer.

Oil's jump has helped to hurt Wall Street broadly, where the realization is sinking in that the Federal Reserve will likely keep interest rates high well into next year. Stocks of travel-related companies, slumped under the weight of worries about higher fuel costs. Southwest Airlines sank 2%, and Norwegian Cruise Line fell 3.1%. Amazon rose 1.7% and was the strongest single force pushing up on the S&P 500. The company announced an investment of up to $4 billion in Anthropic, as it takes a minority stake in the artificial intelligence startup. It's the latest Big Tech company to pour money into AI in the race to profit from opportunities that the latest generation of the technology is set to fuel.

Stocks of media and entertainment companies were mixed after unionized screenwriters reached a tentative deal on Sunday to end their historic strike. No deal yet exists for striking actors. Netflix rose 1.3%, while The Walt Disney Co. slipped 0.3%. Warner Brothers Discovery dropped 4% for the day's largest loss in the S&P 500. In China, troubled property developer China Evergrande sank nearly 22% after announcing it was unable to raise further debt due to an investigation into one of its affiliates. That might imperil plans for restructuring its more than $300 billion in debt.

(Read more stock market stories.)

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