Shares of oil and gas companies rose as the energy sector came back into fashion. The largest ETF to track the U.S. energy sector rallied on Friday, extending a recent upward trend that was poised to give the fund its best weekly percentage gain since April 2016.
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The Energy Select Sector SPDR exchange traded fund, which tracks the performance of the energy sector on the Standard & Poor's 500 rose about 0.4% on Friday, bringing its week-to-date rise to 5%. Energy companies may benefit from tax and economic legislation, said Quincy Krosby, chief market strategist at Prudential Financial. The tendency of investors to buy into the weakest stocks on an annual basis toward the end of the year helped some energy laggards, Ms. Krosby said.
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(END) Dow Jones Newswires
December 22, 2017 16:29 ET (21:29 GMT)