XOM - S&P 500 News: Oil Stocks Surge on $2 Trillion EU Stimulus Deal Will Tesla Join the Index?
The S&P 500 Index (SNPINDEX: ^GSPC) closed relatively flat on July 21, up 5.5 points, or 0.17%. Yet while the index was not very volatile, oil stocks were surging higher. Nine of the top 10, and 17 of the top 20 biggest-gainers in the index today were oil and gas stocks, including Occidental Petroleum (NYSE: OXY) and Devon Energy (NYSE: DVN), both up more than 10%.
Today's oil stock surge came as crude prices moved higher following news that the European Union reached a massive $2.1 trillion stimulus deal to help its member countries deal with the deep coronavirus recession that's caused global oil demand and prices to crash.
In other notable news, Tesla (NASDAQ: TSLA) is set to report second quarter results tomorrow, July 22, in what could prove a massively important day. If the company reports a profit, that would mark a fourth-consecutive quarter of positive earnings, making the company eligible to join the ranks of the S&P 500.