Shares of energy companies rallied as a rotation out of technology and into more cyclical sectors gained steam.
For much of the 2020 stock-market recovery, the energy sector was out of favor as investors sought out faster growing areas such as technology. This year, however, oil futures have surged, gaining more than 10% to settle at $53.57 a barrel, the highest price since February.
Chevron's venture-capital unit made an investment in Blue Planet Systems, a maker of carbon-capture technology for the production of synthetic limestone.
Demand for cyclical sectors is underpinned by plans for further monetary and fiscal stimulus. Federal Reserve Chairman Jerome Powell said the central bank had no near-term plans to hike rates and would wait for further signals from inflation.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-14-21 1647ET
