Materials and energy sectors doing well as third-quarter kicks off
This week, the third quarter earnings season will essentially begin. The fun will start when companies like Alcoa Inc (AA), JP Morgan Chase & Co (JPM), and Wells Fargo & Co (WFC) report quarterly results on Friday. Meanwhile, the market is in disarray following the partial government shutdown, and uncertainty, always present in investing, is everywhere.
Of course, some sectors have continued to do pretty well for themselves. For instance, take a look at the energy sector.
Today, the sector as a whole rose by 1%. Marathon Oil Corporation (MRO) led the way with a huge gain of 2.1%, while Murphy Oil Corporation (MUR) was not far behind with a sizable gain of 1.8%. Other oil winners included ConocoPhillips (COP) with a gain of 1.1% and Exxon Mobil Corporation (XOM), which climbed by an even 1%. Even Hess Corp. (HES) increased by a modest .3%, helping contribute to the solid day.
The real winner, though, was the materials sector, which has been the biggest climber of the S&P 500 industry groups today, moving up by an impressive 1.5%. Paint company Sherwin-Williams Company (SHW) jumped up 2%, while Mosaic Co. (MOS) was up nearly that much with a gain of 1.8%. Both paled in comparison to Dow Chemical Company’s (DOW) big day, as Dow moved up 3.2%.
Other contributors to the materials sector’s triumphant afternoon include Air Products & Chemicals, Inc. (APD) and Monsanto Company (MON), which climbed by .8% and .5%, respectively.