This kind of gloom is everywhere as the week comes to a close, unless of course you’re a fan big oil or big dividends.
The S&P 500 Energy Index rallied more than 10% this week, while the Vanguard High Dividend Yield ETF, ticker VYM, was up a more modest 1.9%. Kellogg Co., a notable dividend payer, climbed more than 6% this week to the highest level since 2018.
Many of the S&P 500’s top performers during the market’s latest leg lower include Devon Energy Corp., Pioneer Natural Resources Co. and Occidental Petroleum Corp. The group’s standout performance is a product of oil trading back above $110 a barrel despite an earnings season for energy companies that has actually underwhelmed.
-With assistance from Katrina Lewis.
This article was provided by Bloomberg News.