The Week in Stocks and Funds
OPEC boosts energy stocks, while utilities and Microsoft skid.
There were pockets of strength in the market last week, especially in energy-related stocks, but overall, the major indexes were flat to down for the period, as a spate of disappointing earnings releases and a weaker-than-expected GDP report took a toll on investors. The S&P 500 finished the week down 0.4% to 1,205, the Nasdaq Composite finished unchanged at 2,029, and the Dow Jones Industrial Average slipped 1.5% to 10,416.
Fund Category Returns
Following days of speculation that it would move to curb oil production in an effort to boost prices, OPEC did just that, trimming its production quotas by 1 million barrels per day. That gave a lift to the natural-resources group, which rose 2.7% for the week through Thursday. Funds that specialize in oil-services and exploration-and-production stocks fared the best, as those firms' share prices move in sync with oil prices. Rydex Energy Servies (RYVIX) rose a whopping 8.6% during the period, while Fidelity Select Energy Service (FSESX) gained 6.8%.
Scott Cooley has a position in the following securities mentioned above: APA. Find out about Morningstar’s editorial policies.
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