XLE - Here's Why Chart Industries Stock Is Up 13% Today
Shares of Chart Industries Inc (NASDAQ: GTLS) are up more than 13% on May 18, rising along with an energy industry that's surging today. At this writing, the Energy Select Sector SPDR (NYSEMKT: XLE) is up more than 8.3%, with the energy industry helping buoy the entire stock market higher today. The SPDR S&P 500 ETF Trust (NYSEMKT: SPY) is up a massive 3.5% at 3:42 p.m. EDT.
Today's big gains are a product of a few things. First off, the broader market is surging on hopefulness that a vaccine for COVID-19 is getting closer to reality, with reports that one candidate vaccine is showing good results in early human studies, as well as positive reaction to statements from Fed Chair Jerome Powell over the weekend, that the U.S. Federal Reserve is still able to take actions to help keep the economy and financial system afloat during the ongoing recession.
Image source: Chart Industries.