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AP National Business

Energy stocks power through broader market’s January slump

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Published 7:10 AM

By DAMIAN J. TROISE
AP Business Writer

Energy stocks powered through the broader market’s January slump and are poised to keep rising as long as oil prices stay high and worries about looming interest rate hikes remain. Oil companies and firms that provide services to the industry have been a safe bet as the economy recovers and oil supplies remain constrained. The S&P 500’s energy sector is up 25% this year while nearly every other sector fell. The latest gains add to the sector’s 47% growth in 2021.

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