Energy And Materials Rally On China's Surprise Rate Cut

The S&P 500 moved sharply higher on Friday, with gains led by energy and materials sector stocks. Both sectors benefited from news that China's central bank cut its interest rates, which is expected to stimulate its economy. Oil prices have fallen more than 30% since June, as investors are concerned about production outpacing demand, but have seen gains for the past two days. The Energy Select Sector SPDR Fund ETF is up 1.4%. Shares of major oil companies rose more than 1% on Friday, but oil-field firms benefited the most. Nabors Industries Ltd was among top five gainers on the S&P 500, up more than 4%. Halliburton Co. also rose more than 3%. Joy Global Inc. shares jumped more than 4%. Caterpillar Inc. , up more than 4% was the top gainer on the Dow Jones Industrial Average .