Markets climbed Monday, Sept. 30, after Treasury spokeswoman Monica Crowley said that the Trump administration is not considering prohibiting Chinese companies from listing on the U.S. stock exchanges. A drop in oil prices dragged some energy sector stocks down.
The Dow Jones Industrial Average added 0.36% to close at 26,916.83, and the S&P 500 increased 0.50% to 2,976.74.
The S&P 500 Energy Index fell 0.75% to close at 437.13, while the Alerian MLP Index gained 0.36% to 232.92. Brent Crude Oil slid 1.83% to $60.78 per barrel after market close.
Baker Hughes stock lost 3.49%, to $23.20, on 3x average volume. The company and Ocean Installer AS were granted an engineering, procurement, construction and installation contract by Eni SpA subsidiary Vår Energi AS for subsea systems and associated services for the Balder X Project on the Norwegian Continental Shelf.
Oil major Exxon Mobil Corp.'s shares were down 1.22% to $70.61 in light trading. Hibernia Management And Development Co. Ltd. said that the Hibernia drilling platform, off the east coast of Newfoundland, has returned to production after being shut on Aug. 17 due to a power outage and oil spill. Exxon Mobil indirectly owns a 33.125% stake in Hibernia Management And Development.
Canada's energy regulator ordered Enbridge Inc. to halt an open season offering contracted space on its Canadian Mainline system. The regulator cited concerns about fairness and the perception of abuse of the pipeline giant's market dominance. Enbridge shares lost 2.69% to $35.08 on brisk volume.
ConocoPhillips shares gave away 1.59% to $56.98 in slow trading. The company completed the sale of its two U.K. subsidiaries to Chrysaor Holdings Ltd.'s Chrysaor E&P Ltd. for $2.68 billion, plus interest and customary adjustments.
Occidental Petroleum Corp. is on track to sell $15 billion in assets after closing its stake sales. The company completed the $3.9 billion sale of its stake in the Mozambique liquefied natural gas project to TOTAL SA and the sale of its holdings in Plains All American Pipeline LP and Plains GP Holdings LP for $650 million. Occidental shares were down 1.48% to close an average session at $44.47, while Plains All American stock shed 1.00% to $20.75 and Plains GP stock retreated 1.12% to $21.23, also on average volumes.
Husky Energy Inc. stock trimmed 2.31% to $9.32 in light trading. The company will soon start reconstruction work on its oil refinery in Wisconsin, more than a year after an explosion and fire damaged the facility.
MPLX LP units inched up 0.97% to $28.01 on active volume. The Marathon Petroleum Corp. subsidiary entered into an agreement with a group of lenders for a committed term loan facility of up to $1 billion. Marathon Petroleum shares dropped 2.68% to $60.75 on high volume.
EQT Corp. stock slid 5.25% to $10.64 on average volume, Range Resources Corp. stock lost 4.98% to $3.82 on low volume and National Oilwell Varco Inc. shares fell 3.81% to $21.20 in heavy trading.
Among top gainers in the industry, NGL Energy Partners LP stock grew 3.34% to $13.91 and Western Midstream Partners LP stock was up 1.63% to $24.89, both on active volumes, while Shell Midstream Partners LP shares gained 1.29% on a slow day to $20.45.
In the power business, Sempra Energy stock grew 2.17% in strong trading to $147.61 after the company agreed to sell its equity interests in its Peruvian businesses to China Yangtze Power International (Hong Kong) Co. Ltd. for $3.59 billion in cash, subject to closing adjustment working capital and net debt.
NextEra Energy Partners shares added 0.84% to $52.84 on low volume. The power generator agreed to acquire Meade Pipeline Co. LLC in a deal worth about $1.37 billion, part of which is the acquisition of AltaGas Ltd. subsidiary WGL Midstream Inc.'s stake in the Central Penn pipeline for about $657 million. AltaGas shares picked up 0.93% to $19.45 in heavy trading.
In renewable energy, SunPower Corp. shares dropped 4.19% to $10.97 on average volume and Canadian Solar Inc. stock retreated 2.83% to $18.88 on high volume. TerraForm Power Inc. shares rose 2.22% to $18.23 and Sunrun Inc. shares advanced 3.50% to $16.70, both on light volume.
The S&P 500 Utilities Index inched up 0.06% to 328.49.
Market prices and index values are current as of the time of publication and are subject to change.
