Energy ETF Set For Best One-day Gain In 3 Weeks As Crude Climbs

A prominent fund used to bet on the energy sector on Monday was on pace to post its best daily climb since early June, according to FactSet data. The energy-focused Energy Select Sector SPDR ETF was up 2.2%, setting the ETF up for its sharpest one-day rise since a 2.4% gain on June 9. Gains in the ETF were being led by a 6% rally in shares of Transocean Ltd. and a more than 5% climb in Baker Hughes Inc. . The climb in shares of Baker Hughes also comes as General Electric Co. announced the completion of its deal to combine its energy business with Baker Hughes. On the day, the energy sector was the best performer among the S&P 500's 11 sectors, with financials also helping to buoy U.S. equity benchmarks. August West Texas Intermediate crude rose sharply above $46 a barrel on the New York Mercantile Exchange, jolted energy stocks higher in a holiday-shortened trading session. The S&P 500 was up 0.3%, while the Dow Jones Industrial Average was up 0.8%, after briefly touching an intraday record of 21,562.75. The Nasdaq Composite Index lagged behind the benchmarks, down 0.5%, as the technology sector extended a bout of weakness amid concerns about tech-share valuations.

Copyright © 2017 MarketWatch, Inc.