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Monday's Energy Stocks: PG&E Corp. sinks after judge allows hearing on claims

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Monday's Energy Stocks: PG&E Corp. sinks after judge allows hearing on claims

Broader market continued to rally on Monday, Aug. 19, after the U.S. Commerce Department gave Huawei Technologies another 90-day reprieve to do business with American companies on a limited scale. The decision comes a day after President Donald Trump played down the fears of economic recession.

The Dow Jones Industrial Average gained 0.96%, closing at 26,135.79, and S&P 500 added 1.21% to 2,923.65.

Electric and diversified utility PG&E Corp. saw shares plunge 25.28% on more than 6x average trading at $10.67. The tumble came after a U.S. bankruptcy judge said on Aug. 16 that a jury could now hear claims that the company is liable for an estimated $18 billion in damages from the deadly 2017 Tubbs wildfire.

The claims from the victims and insurers were held in abeyance since the company's Chapter 11 process began in January. The bankruptcy judge said a trial over fire liabilities in state court would not interfere with the company's reorganization plan in as part of the Chapter 11 bankruptcy process.

Big movers in the sector included Dominion Energy Inc., with its stock price increasing 1.21% to $77.79 at the end of a below-average day; DTE Energy Co., with shares growing 1.16% to $130.79 in robust trading; and Consolidated Edison Inc., whose stock picked up 1.08% to close a below-average outing at $88.14.

Emera Inc.'s shares grew 1.06% to C$57.19 on high volume. The company's Florida-based utility Tampa Electric Co. filed a registration statement Aug. 16 allowing it to sell up to $2 billion of securities.

The S&P 500 Utilities Index increased 0.69% to 312.07.

A rise in oil prices also encouraged oil and gas stocks. Among big movers in the industry, Range Resources Corp. stock jumped 10.49% to $4.53 on above-average volume; Hess Corp. shares rose 5.57% to $63.15 in brisk trading; and Apache Corp. stock trading resulted in a 5.09% hike to $21.90 in roughly average trading.

The S&P 500 Energy Index was up 2.14% to 428.01, and Alerian MLP Index increased 1.35% to 231.85.

Market prices and index values are current as of the time of publication and are subject to change.