S&P Dow Jones Indices analyst says telecom suffers when oil rises
by Mark DeCambre
Oil enjoyed a multisession rally, pushing crude futures back into bull-market territory last week, but that has been bad news for one stock-market sector.
A seven-session win streak came to an end on Monday, but West Texas Intermediate crude trading on the New York Mercantile Exchange — the U.S. benchmark—was still up 20% from its Aug. 2 low.
Bullish stock-market traders are cheering, and rising energy prices might offer support to the shares of energy companies that have been hamstrung by plunging crude prices, but one sector among the S&P 500’s 10 isn’t eager to applaud the oil rally: telecom.