Sector Update: Energy Stocks Tumble Late Afternoon
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Energy stocks experienced a significant decline late Thursday, with the NYSE Energy Sector Index down 6.1% and the Energy Select Sector SPDR Fund (XLE) falling 7.8%. Crude oil prices also dropped, with West Texas Intermediate at $60.26 per barrel. In corporate news, Portland General Electric shares fell 1.8% after a downgrade by JPMorgan, while Essential Utilities shares rose 1.6% due to planned investments. AES shares dropped 8.3% following a downgrade by Jefferies, and Petrobras shares fell 7.9% amid auction evaluations in India.
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