Energy stocks lead narrow stock market win


Stocks eked out a narrow victory but it was enough to propel all three major indexes to rewrite the record highs they posted on Friday.

Energy stocks (+2.2%) surged to the top of today’s leaderboard as U.S. crude oil rallied 3% to $57.29/bbl, its highest level since July 2015, following Saudi Arabia’s weekend purge in which Crown Prince Mohammed bin Salman imprisoned dozens of princes, ministers, and ex-ministers on allegations of corruption.

The consumer discretionary sector (+0.7%) also rose, highlighted by Michael Kors’ 14.7% rise after reporting better than expected earnings and revenues; also, a CNBC report on recent deal discussions that would result in Disney buying most of 21st Century Fox resulted in respective rallies of 2% and 9.9% for the two companies.

Conversely, the telecom sector (-2.4%) tanked after Sprint (-11.5%) and T-Mobile US (-5.7%) said they failed to reach a merger agreement.

Elsewhere, U.S. Treasury prices finished mostly higher, with the benchmark 10-year yield slipping 2 bps to 2.32%, but the two-year note bucked the trend, sending its yield higher by a basis point to 1.62%.