Mainstream indexes closed with profits Thursday, Sept. 12 as new optimism reigned over the yearlong trade tensions between U.S. and China after reports suggested that both countries might be close to an armistice on the dispute.
The Dow Jones Industrial Average continued its winning streak for the seventh straight session, growing 0.17% to 27,182.45, and the S&P 500 solidified its position above the 3,000 mark by growing 0.29% to 3,009.57.
In the oil and gas sector, Baker Hughes a GE company saw its stock gain 1.57% to $22.64, trading more than 13x average volume after industrial conglomerate General Electric Co. priced its sale of shares in the oilfield services provider at $21.50 per share for estimated proceeds of $2.47 billion. GE shares shed 1.07% to $9.26 in an average outing.
Among notable movers, Southwestern Energy Co. stock fell 7.76% to $2.14; Range Resources Corp. lost 6.81% to $4.38; Antero Midstream Corp. tumbled 4.70% to $7.10; and Helmerich & Payne Inc. settled 4.43% lower to $40.76, all on above-average volumes.
The S&P 500 Energy Index decreased 0.63% to 444.25, and the Alerian MLP Index decreased 0.79% to 233.22.
South Jersey Industries Inc. shares trimmed off 1.65% to finish an active session at $32.72. The gas utility has entered into an amendment to extend its unsecured $50 million, 364-day revolving credit agreement.
In the electric and diversified utilities business, PG&E Corp. shares dropped 5.43% to $10.10 on below-average volume. Principle utility Pacific Gas and Electric Co. on Sept. 11 named Andrew Vesey a board director and member of the executive committee of the board. Vesey is CEO and president of the California utility.
Exelon Corp. stock lost 1.74% to $47.88 on slightly above-average volume. Exelon utility Baltimore Gas and Electric Co. has sold $400 million of its 3.20% notes due Sept. 15, 2049.
CenterPoint Energy Inc. stock shrank 1.74% to $29.88 in brisk trading, while Ameren Corp. stock grew 2.31% to $76.50 on heavy volume.
Entergy Corp. shares inched up 0.87% to $113.89 on below-average volume. The U.S. Environmental Protection Agency approved revisions to an Arkansas regional haze plan that aligns with a pending court settlement over the fate of two Entergy Arkansas LLC coal plants headed for retirement.
In the renewable energy sector, Sunrun Inc. shares added 1.21% to $15.83 on below-average volume. Tiger Global Management LLC and related funds increased their stake in Sunrun to 26,056,051 common shares, representing a 22.2% ownership.
SunPower Corp. shares slid 4.40% to $12.17, and First Solar Inc. stock gave away 1.71% to $62.23, both in below-average trading.
The S&P 500 Utilities Index tagged along with the broader trend, gaining 0.14% to 318.94.
Market prices and index values are current as of the time of publication and are subject to change.
