Amid a year of ongoing losses, energy companies finally have something to celebrate: a day of gains. And they have the new Republican majority to thank.
Energy stocks are rising Wednesday on hopes that Republicans will pass pro-energy policies, including a go-ahead on the Keystone XL pipeline and reforms of crude and natural gas export laws. The gain is a welcome relief to an industry that’s been battered by the market this year.
While the Standard & Poor’s 500 index has gained 10.7% in the year to date, the S&P 500 Energy index has lost 3.4% over the same time period. Those losses continued through yesterday as energy stocks dipped after oil prices reached a three-year low, finally gaining relief today on hopes of industry supportive reforms.
Coal companies, led by Alpha Natural Resources [fortune-stock symbol=”ANR”] and Peabody Energy [fortune-stock symbol=”BTU”], posted strong gains amid expectations that Republicans…
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