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Friday's Energy Stocks: Markets rally as investors shrug off trade war fears

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Friday's Energy Stocks: Markets rally as investors shrug off trade war fears

Stocks rallied Friday, July 6, as investors shrugged off trade war fears stemming from China's imposition of additional tariffs on about $34 billion of U.S. goods. The Dow Jones Industrial Average climbed 0.41% to conclude at 24,456.48, and the S&P 500 edged up 0.85% to cap the day at 2,759.82.

The S&P 500 Utilities sector index rose 0.74% to close at 269.71.

Duke Energy Corp. shares climbed 1.25% on below-average volume to finish at $81.62, after the company increased its quarterly common stock dividend by 4.2% to 92.75 cents per share. Meanwhile, subsidiary Duke Energy Carolinas LLC is seeking approval from the North Carolina Utilities Commission to sell five hydroelectric generation facilities below their current net book value.

Xcel Energy Inc. added 0.79% on light volume to finish at $46.96, after its subsidiary Southwestern Public Service Co. closed its acquisition of a 478-MW wind project in Texas from a NextEra Energy Inc. subsidiary. NextEra shares closed up 1.05% in light trading to finish at $170.31.

Among other utility companies, PG&E Corp. moved up 1.92% in brisk trading to $45.03; Edison International gained 1.50% on strong volume to $66.26; and NRG Energy Inc. advanced 1.30% on below-average volume to $31.13.

In the oil and gas sector, ConocoPhillips picked up 1.04% in below-average trading to finish at $69.65. A U.S. district court judge in Texas on July 5 said that ConocoPhillips can compel Citgo Petroleum Corp. to provide information in a Curacao court case against embattled Petroleos de Venezuela SA (PDVSA) and its affiliates.

Among other oil and gas majors, Concho Resources Inc. finished up 2.93% to $141.46; Range Resources Corp. saw an increase of 2.58% to $17.07; and Marathon Oil Corp. added 1.88% to $21.09, all on below-average volume. The S&P 500 Energy Sector rose 0.67% to 559.67, and the Alerian MLP Index picked up 0.50% to 263.86.

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