Crude Oil Helped Wall Street Reach New Historic Highs
May 8, 2017
Crude oil, natural gas, and the S&P 500 Index
Between April 28 and May 5, 2017, US crude oil (USO) (OIIL) (USL) (SCO) June futures fell 6.3% and natural gas (BOIL) June futures fell 0.3%. The broad market S&P 500 Index (VFINX) (SPY) (SPX-INDEX) rose 0.6% during the week.
The Energy Select Sector SPDR ETF (XLE) fell 0.8% during the same period. It was the only loser among the sector SPDR ETFs. The Financial Select Sector SPDR ETF (XLF) rose the most. XLE rose ~1.3% between April 28 and May 5, 2017. The SPDR ETFs’ returns are adjusted for dividends.
Although the S&P 500 Index was already up for the week, despite losses in the energy sector, a bounce in crude oil and natural gas at the end of the week helped the broad market index hit a new record high.
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