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.
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.
Friends Read Free