Shares of energy companies ticked up as traders continued to pile into a sector that can fare well during times of inflation.
Energy has become the new "hot sector" as inflation concerns become paramount, said Edward Moya, senior market analyst at foreign-exchange brokerage OANDA Group.
Consumer prices rose in September at the highest rate in more than a decade, suggesting that the upward surge in commodity and product prices is likely to continue. The price of oil ticked down but held above $80 a barrel in New York, hovering around a seven-year high.
The price of oil has risen 65% for the year to date, contributing to the spike in inflation. Natural-gas futures have more than doubled, amid shortages in some parts of the world.
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(END) Dow Jones Newswires