Energy exchange traded funds were Wednesday’s top-performing sector thanks to a rally in crude prices back above $101 a barrel and strength in Halliburton (NYSE: HAL) and other energy stocks.
Energy Select Sector SPDR Fund (NYSEArca: XLE) was up nearly 2% while Halliburton jumped more than 4% after an upgrade at Morgan Stanley. The energy ETF is up about 10% year to date.
U.S. Oil Fund (NYSEArca: USO) followed crude prices higher with a roughly 2% advance Wednesday.
Energy Select Sector SPDR Fund “has exhibited good leadership qualities so far this year,” said Tarquin Coe, technical analyst at Investors Intelligence, in a note to subscribers Wednesday.