Energy ETF Turns Sharply, Broadly Higher

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Energy stocks rallied in unison, as a sharp reversal higher in oil prices helped drive the SPDR Energy Select Sector ETF , or "XLE," up 2.8% in midday trade Tuesday, with all 43 of its equity components gaining ground. The XLE was down as much 1.2% at a near two-year low of $72.51 in intraday trade, then shot up as much as 4% before paring some gains. Among the shares of the XLE's most heavily-weighted components, Exxon Mobil's rallied 1.3%, Chevron's climbed 2.7%, Schlumberger's [slb] rose 3% and Kinder Morgan's added 0.8%. The biggest gainer -- 37 of the 43 components rose more than 2% -- was Nabors Industries' stock , which ran up 8.3%. The XLE's early loss came as continuous crude oil futures had tumbled as much as 4.1% to a fresh 5 1/2-year low, before pulling a sharp U-turn to trade up about 1.7%.

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