U.S. stocks closed the Wednesday, Oct. 9, session on higher ground following reports that China may be open to a partial trade deal when top U.S. and Chinese negotiators are scheduled to meet Oct. 10.
The Dow Jones Industrial Average closed the day up 0.70% at 26,346.01, and the S&P 500 rose 0.91% to settle at 2,919.40.
Energy equities, with the exception of midstream and pipeline partnerships, moved higher as well.
Oil and gas companies leaned mixed to predominantly higher with the S&P 500 Energy Sector closing the Wednesday session with a 1.07% gain at 416.77.
Wednesday session gainers included Hess Corp., which added 3.59% in light trading to close at $64.35. Pioneer Natural Resources Co. added 2.47% in average trading volume to finish at $126.51. Valero Energy Corp. posted a 2.10% increase in below-average volume to $85.07.
Continental Resources Inc. rose by 2.49% in above-average trading to end at $27.98. An Oct. 8 report from Bloomberg News said the firm was looking to sell a noncontrolling stake in its water infrastructure unit.
Chevron Corp. gained 1.28% in below-average trading to close at $113.14 following reports that Hungarian integrated oil and gas company MOL Magyar Olaj- es Gazipari Nyilvanosan Mukodo Reszvenytarsasag is in talks to buy the oil major's stake in the Azeri-Chirag-Gunashli field in the Caspian Sea.
Exxon Mobil Corp. added 1.11% in light trading to close at $67.44 following reports that it may sell noncore upstream assets in Malaysia as part of its plan to divest $15 billion of assets by 2021.
On the other hand, Cabot Oil & Gas Corp. shed 1.98% in light trading to exit the midweek session at $17.34.
Losses enveloped midstream and pipeline partnerships with the Alerian MLP Index shedding 0.98% to 222.60.
Western Midstream Partners LP tumbled 3.43% in brisk trading to close at $23.37. Holly Energy Partners LP fell 3.27% in average trading to $22.76. Shell Midstream Partners LP unit decreased by 3.25% in below-average volume to settle at $20.56.
Enterprise Products Partners LP shed 1.05% in slightly above-average trading to end the day at $27.32. The partnership increased its distribution for the third quarter by 0.6% to 44.3 cents per unit.
Running counter to the trend was Antero Midstream Corp. which added 1.62% in below-average volume to close at $6.89.
Electric and diversified utilities nudged higher with the S&P 500 Utilities Sector posting a 0.51% increase to close at 325.92.
NextEra Energy Inc. added 1.47% to $233.36, and Eversource Energy climbed 1.46% higher to $86.09, both in below-average trading. Southern Co. gained 0.88% in light trading to close the session at $61.90.
Middlesex Water Co. shares closed the Wednesday session at $64.27, up 0.83% in near-average volume. The Delaware Public Service Commission approved Middlesex Water subsidiary Tidewater Utilities Inc.'s acquisition of Wilkerson Water Co. and Broadkiln Beach Water Co. from J.H. Wilkerson & Son Inc.
PG&E Corp. shares increased 0.73% in below-average trading volume to finish at $10.98. The company's utility subsidiary Pacific Gas and Electric Co. early Oct. 9 started the first wave of precautionary blackouts to nearly 800,000 customers across 34 counties in northern and central California.
NiSource Inc. gained 0.73% in below-average volume to $29.04. The Massachusetts Department of Public Utilities barred NiSource subsidiary Columbia Gas of Massachusetts from performing most construction work within its service territory until it receives explicit approval.
Chesapeake Utilities Corp. posted a 0.64% increase in below-average trading to close at $94.02. The company entered into three separate transactions to divest the majority of the assets and contracts of its natural gas marketing subsidiary Peninsula Energy Services
Conversely, NRG Energy Inc. slipped 0.62% to $38.76 in below-average volume.
Looking at coal companies, Peabody Energy Corp. closed the midweek session with a 2.71% increase to $14.42, Arch Coal Inc. added 2.13% to $75.90 and Alliance Resource Partners LP gained 1.46% to $13.88, all in below-average trading.
Tesla Inc. posted a 1.87% increase in slightly below-average trading to close the Wednesday session at $244.53.
TerraForm Power Inc. ticked higher by 0.83% in slightly above-average trading to settle at $17.03. In an Oct. 8 filing, the company completed an underwritten public offering of class A common stock and a concurrent private placement.
Sunrun Inc. added 0.82% in light trading to settle at $16.68. Hedge fund Tiger Global Management LLC and related funds increased its stake in the company to 29,773,257 common shares representing a 25.3% ownership.
On the flip side, SunPower Corp. shares declined by 3.26% in active trading to $9.79. First Solar Inc. posted a 1.33% loss in light trading to close the Wednesday session at $56.20.
Market prices and index values are current as of the time of publication and are subject to change.
