Energy Stocks, Indices Surge Despite Egypt Turmoil

January 31, 2011 Updated: October 1, 2015

Emirati men sit under a stock market screen at Dubai Financial Market, on January 30, 2011. (Karim Sahib/AFP/Getty Image)
Emirati men sit under a stock market screen at Dubai Financial Market, on January 30, 2011. (Karim Sahib/AFP/Getty Image)
Energy stocks as well as major U.S. indices surged on Monday despite social unrest in Egypt, with coal and oil the big gainers.

The blue-chip Dow and Nasdaq both jumped half a percent, with the S&P 500 outperforming both with a three-quarters percent jump.

The Dow Jones Industrial Average climbed 68.23 points to 11,892, closing the month of January with a 2.5 percent gain, the index’s largest in 14 years.

Nasdaq gained 13.20 points to close cents above 2,700 while the S&P 500 advanced 9.78 points to 1,286. Both indices had their best January since 2007.

Energy stocks were buoyed by Massey Energy Company (NYSE: MEE), which announced Friday that it would be taken over by fellow coal producer Alpha Natural Resources, Inc. (NYSE: ANR).

In the cash-and-stock agreement, Alpha will acquire Massey in a massive $7.1 billion deal, paying $69.33 per Massey stock or a 21 percent premium as of Friday’s stock prices, the two Virginia-based companies said in a statement.

In Friday trading, Massey stock jumped nearly 10 percent ($5.63) to $62.86. Alpha stock, on the other hand, fell 7 percent ($4.15) to $53.73.

Shares of oil behemoth Exxon Mobil Corp. (NYSE: XOM) added 2 percent ($1.69) to close at $80.68 on news that its fourth-quarter earnings leapt by 53 percent to $9.3 billion.

Other energy gainers include natural gas and oil exploration company Gulfport Energy Corp. (Nasdaq: GPOR), whose shares advanced more than 12 percent ($2.62) to finish at $23.93, and liquefied natural gas producer Cheniere Energy Inc., whose stock skyrocketed by 15 percent (97 cents) to $7.31.