Why Oil Drilling Stocks Are Gushing Higher Today
A lot of oil stocks are surging today, with one category -- oil drillers -- seeing some of the biggest gains. As of 1:56 p.m. EDT on Friday, the SPDR S&P 500 ETF Trust (NYSEMKT: SPY) was up 2.8%, but companies involved in both offshore and on-land oil and gas drilling were rocketing much higher:
*As of 1:56 p.m. EDT. Source: YCharts.
Two things are sending many oil stocks higher today. First, the entire market is on a big run higher on positive jobs news. U.S. employers added 2.5 million jobs to their payrolls in May, a signal that the economy could recover quickly from the coronavirus lockdown recession, which would boost demand for oil that has fallen more than 20% over the past three months.
Source Fool.com
