Shares of energy companies rose as traders chased recent momentum in the sector.

The energy sector is staging a quiet comeback after lagging the broad market in 2023, said one Houston-based strategist. The energy industry group of the broad S&P 500 was "second only to communications services, as measured by first-quarter performance," despite falling off most investors' radars, said J.D. Joyce, president of Houston financial advisory Joyce Wealth Management.

The SPDR Select Sector Energy exchange-traded fund, which tracks the energy industry group of the S&P 500, has risen 12% for 2024 so far. Brent crude oil futures hovered near a five-month high after strong Chinese manufacturing data.


Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

04-01-24 1749ET