Oil Services ETFs Climb As Traders Brush Off Weatherford Earnings Miss | Page 2 of 2 | ETF Trends

WFT shares make up 4.1% of XES’s underlying portfolio.

Energy Space Support

Further bolstering broader gains in the energy space, the U.S. economy continued to add jobs after a 35-day government shutdown, market volatility and uncertainty over global growth tested the markets over January. The Labor Department calculated nonfarm payrolls increased a seasonally adjusted 304,000 in January, the Wall Street Journal reports.

“Payrolls crushed expectations,” Omair Sharif, economist at Société Générale, wrote in a note to clients. “Not bad for an economy that is supposedly softening.”

The ongoing strength in the U.S. economy could suggest continued growth ahead, which would continue to support demand for raw materials like crude oil and related industries.

For more information on the energy sector, visit our energy category.