Energy sector jumps, tracking oil, after Netanyahu accuses Iran of nuclear deception
The S&P energy sector jumped on Monday, tracking crude-oil prices higher after Israel’s Netanyahu accused Iran of nuclear deception. The sector, along with the largest exchange-traded fund to track the group , rose 1%, after having previously traded up 0.4% on the day. Netanyahu’s accusation sparked a rally in the price of crude oil, which rose 1.8% and lifted energy stocks. Crude oil is highly correlated with any political uncertainty surrounding the Middle East. Among notable gainers, Halliburton Co. rose 1.3% while Marathon Oil Corp. was up 1.4% and Occidental Petroleum Corp. rose 1.1%. While energy has struggled for years, it has been the market’s biggest outperformer of late. It is up 10.4% over the course of April, by far the best performer among the 11 primary S&P 500 industry groups. Thus far this year, it is up 3.2%, compared with the 0.4% decline of the S&P 500. On Monday, the Dow Jones Industrial Average was flat while the S&P 500 was down 0.3% and the Nasdaq Composite Index fell 0.5%.