The energy stocks have lead today’s market higher right from the opening bell. During the first hour of the day the major stock market indexes struggled and traded into negative territory. However, the energy stocks did not flinch and were rallying even as the market indexes declined.
Exxon Mobil Corp (NYSE:XOM) and Chevron Corp (NYSE:CVX) are two leading integrated energy stocks that are trading sharply higher today, gaining nearly $1.00 on the day. Exxon Mobil Corp has the largest market capitalization in the stock market, valued at over $325 billion. This stock can single handedly lift the stock market and often does.
The Oil Services Holders Trust (NYSE:OIH) is an ETF that holds a basket of the leading oil services stocks. The Oil Services Holders Trust is higher today by nearly 5 percent. The largest holdings in this basket of oil services stocks are Transocean Ltd (NYSE:RIG). This stock is up by nearly $4.00 points today to $92.26. The seconds largest component of the Oil Services Holders Trust is Schlumberger Limited (NYSE:SLB). This stock is higher by over $2.60 to $67.85. The third largest holding in the Oil Services Holders Trust is Halliburton Co (NYSE:HAL). This stock is up more than $1.90 or 6 percent to $33.45.
Now we can see why the Oil Services Holders Trust is having such an impressive day. When you can combine all of these leading energy companies moving higher, it is easy to see why the markets are positive today.
Nicholas Santiago
Chief Market Strategist
www.InTheMoneyStocks.com
