Energy Down As Rotation Into Value Stocks Continues To Slow – Energy Roundup
Shares of energy companies fell as the rotation into value sectors from growth sectors continued to slow.
Some observers said it’s likely a temporary reversal of a trend that’s been emerging for months. “We continue to see a positive outlook for stocks, with cyclically sensitive markets likely to lead the way as the global recovery broadens,” said strategists at money manager UBS Global Wealth Management, in a note to clients.
Natural gas prices continued their rebound, reflecting a cold snap in many parts of the U.S. that’s pushing demand higher.
President Biden is expected to issue an executive order Wednesday that would suspend new oil and gas leasing on federal land, The Wall Street Journal reported, in what is widely seen as a first step toward fulfilling Mr. Biden‘s campaign pledge to stop drilling on federal lands and offshore.
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(END) Dow Jones Newswires
January 26, 2021 16:31 ET (21:31 GMT)
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Dow Jones – Energy Down As Rotation Into Value Stocks Continues To Slow – Energy Roundup