Wall Street stocks closed the Friday, Oct. 4, session on higher ground after the U.S. Bureau of Labor Statistics showed that the unemployment rate declined to 3.5% in September and total nonfarm payroll employment rose by 136,000.
However, the report also increased the likelihood that the Federal Reserve may further cut interest rates at its October Federal Open Market Committee meeting.
The Dow Jones Industrial Average added 1.42% to close the session at 26,573.72. The S&P 500 advanced by the same percentage amount, ending at 2,952.01.
Electric and diversified utilities moved higher overall, with the S&P 500 Utilities Sector up 1.52% to 329.06.
Posting the biggest gains was PG&E Corp., with its shares rising by 13.82% on almost double average volume to $10.87. The company's Pacific Gas and Electric Co. utility agreed to pay $65 million to settle a California Public Utilities Commission investigation into its underground infrastructure records. Also, in filings with a federal bankruptcy court, the company said it received debt financing commitments of $34.45 billion for a planned reorganization, Reuters reported.
Other gainers included Dominion Energy Inc., which added 2.61% in active trading to $81.70. Edison International posted a 2.22% gain in light trading to settle at $75.59. Duke Energy Corp. noted a 2.18% increase in above-average trading to close at $97.17. Also, Clearway Energy Inc. advanced 4.73% to $18.38 in above-average trading.
Xcel Energy Inc. added 1.84% in below-average trading to $64.63. The company filed a new application with the Federal Energy Regulatory Commission to acquire the 577-MW Mankato power plant in Minnesota. State regulators there previously rejected the acquisition through a regulated utility subsidiary of Xcel Energy.
Agera Energy LLC, a retail energy supplier, filed for Chapter 11 bankruptcy protection and entered an agreement to sell its assets to Exelon Corp. subsidiary Constellation NewEnergy Inc. Exelon shares closed 1.53% higher in light trading to $48.45.
NextEra Energy Inc. saw its shares increase by 1.49% in below-average trading to settle at $233.59. The company's subsidiary NextEra Energy Capital Holding on Oct.3 sold $1 billion of its 2.75% debentures, series due Nov. 1, 2029.
In the renewable energy sector, Solar firms also pushed mostly higher. First Solar Inc. advanced 3.75% to $59.31 in above-average trading and Sunrun Inc. gained 2.85% to $16.22 on below-average volume.
On the other hand, TerraForm Power Inc. shed 0.90% on nearly 8x average trading volume to $17.05. The company intends to offer an undisclosed amount of class A common shares in an underwritten public offering.
Mixed to mostly higher moves were seen in the oil and gas sector. The S&P 500 Energy Sector added 0.62% to 423.76, and the Alerian MLP Index nudged higher by 0.18% to 230.22.
Noting a sizable gain for the session was Hess Midstream Partners LP, which added 5.63% on nearly triple average volume to $20.54 after the partnership announced that it will acquire the ownership interests of Hess Corp. and Global Infrastructure Partners in Hess Infrastructure Partners LP for $6.2 billion.
Other midstream and pipeline partnership gainers included EQM Midstream Partners LP, which added 3.80% in active trading to $32.53. Shell Midstream Partners LP posted a 1.41% gain to $20.90, and NuStar Energy LP nudged higher by 0.77% to $28.61, both in light trading.
Kinder Morgan Inc. added 0.69% in below-average trading to $20.52 following an Oct. 4 announcement that the company's $2 billion LNG export project with EIG Global Energy Partners LLC began commercial service.
Conversely, Holly Energy Partners LP shed 0.96% in below-average trading to $24.82.
Enterprise Products Partners LP shed 0.43% in below-average trading to close at $27.96. The partnership, through its M2E4 LLC unit, secured long-term agreements for the further expansion of its Midland to ECHO crude oil pipeline system.
Oil and gas companies leaned mostly higher. EQT Corp. rose by 2.27% in average trading to $9.90. Cabot Oil & Gas Corp. shares increased by 1.75% in below-average trading to close at $17.98. Exxon Mobil Corp. added 1.46% in brisk trade to settle at $68.97.
Phillips 66 posted a 2.01% gain in light trading to $100.86 following an announcement that the firm approved a $3 billion share repurchase program.
BP PLC added 1.62% in below-average trading on the New York Stock Exchange to $36.96 following an announcement from the oil major that its CEO, Bob Dudley, will retire March 31, 2020, and step down from its board on Feb. 4, 2020.
Husky Energy Inc. saw a 0.77% increase in light trading on the Toronto Stock Exchange to C$9.12. The company entered into an agreement to sell its Prince George refinery for C$215 million to Tidewater Midstream & Infrastructure Ltd.
Apache Corp. shares fell 5.18% in active trading to exit the Friday session at $22.16.
Market prices and index values are current as of the time of publication and are subject to change.
