By Steve Gelsi
Energy shares started out August with gains in early action
Monday as oil reclaimed the $71-a-barrel mark and the broad market
jumped in the face of optimism about an economic rebound.
The NYSE Arca Oil Index rose 1.8% to 978. The NYSE Arca Natural
Gas Index moved up 2.9% to 461. The Philadelphia Oil Service Index
advanced 3.2% to 176.
Marathon Oil Corp. (MRO) was up 1.7% to $32.80 after it reported
that second-quarter income fell 47%.
Other names in the oil sector also posted solid gains, with
Anadarko Petroleum Corp. (APC) rising 3.2% to $49.78 and Hess Corp.
(HES) up 3% to $56.90.
Among stocks in the spotlight, Chesapeake Corp. (CHK) increased
3% to $22.08 as natural gas prices rallied. The natural gas giant
is expected to report earnings of 53 cents a share when it reports
its second-quarter results after the closing bell on Monday.
Crude-oil futures rose $1.84 to $71.29 a barrel on the New York
Mercantile Exchange. Natural gas futures rose 24 cents to $3.89 per
thousand BTUs.
Meanwhile, the Dow Jones Industrial Average was up about 62
points, or 0.7%, on optimism about the economy.
-By Steve Gelsi; 415-439-6400; AskNewswires@dowjones.com
