MW: Energy stocks close higher, led by oil field service sector
By Jim Jelter, MarketWatch
SAN FRANCISCO (MarketWatch) - Oil field service stocks staged an afternoon rally Thursday, outpacing the rest of the stock market on another advance by crude-oil prices and speculation on stepped up drilling activity in the months ahead.
After a bumpy opening, the Philadelphia Oil Service Sector Index (OSX 176.26, +5.00, +2.92%) shot back to end the session with a 2.9% gain at 176.26 points. Smith International (SII 27.51, +1.56, +6.01%) led percentage gainers, up 6% at $27.51 a share.
The NYSE Arca Oil Index (XOI 962.25, +5.85, +0.61%) rose 0.6% to close at 962.25, rebounding from a midday slump. Independents were among the favored stocks, with Marathon Oil (MRO 31.53, +0.95, +3.11%) up 3% at $31.53 a share and Occidental Petroleum (OXY 70.98, +1.12, +1.60%) adding 1.6% to $70.98. Heavyweights Exxon Mobil (XOM 68.75, -0.36, -0.52%) and Chevron (CVX 68.53, -0.19, -0.28%) were among the few decliners, down 0.5% and 0.2%, respectively.
Oil field service stocks lead sector higher - MarketWatch
