Elon Musk’s Tesla got a big bounce after news the electric vehicle maker would be added to the S&P 500.
Energy is the dominant sector in the big-cap index this month, as the other large-cap stock index, the Dow Jones Industrial Average, reached above 30,000 for the first time. The surge in energy stocks coincides with a nearly 17% gain in the price of West Texas Intermediate, the U.S. benchmark oil price. Brent crude, the international standard, is also up.
Occidental Petroleum leads with an 83.1% gain through Tuesday’s close. Diamondback Energy is up 78%, and Apache is up 70.4%. All the top 10 biggest gaining stocks this month are companies in the energy and energy services industry. Energy as an S&P 500 sector has gained nearly 31% over one month, making it the best-performing sector in that time though it is still the worst in the index for the year and for the last decade.Aircraft maker Boeing and cruise operator Carnival are the non-energy outliers among the top performing stocks.
The irony of these gains by fossil fuel producers are that they are under direct assault by Tesla and will soon been completely obsolete
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