A jump in oil prices helped lift both the Dow Jones and S&P 500 more than 2% in trading Tuesday, with energy names like Range Resources (RRC) leading the charge.
The Fort Worth, Texas-based oil and gas giant topped its S&P peers for the day, as a jump in oil prices helped lend renewed confidence to shareholders who've seen roughly half the firm's market cap dissolve over the past 12 months. Shares jumped 8.5% on the day.
Meanwhile, electricity and natural gas provider Pepco (POM) slipped to the bottom of the S&P, falling nearly 13% when the Washington, D.C.-based company's hometown Public Service Commission rejected a proposed nearly $7 billion utility sale to Exelon (EXC).
"From the start, we focused on affordability, reliability and sustainability," Washington, D.C., Mayor Muriel Bowser said in a statement. "We pulled everyone together to negotiate an agreement that was a great deal for D.C. residents. The Public Service Commission rejected an agreement that had the support of the People's Counsel, attorney general, D.C. Water and others."
Bowser said the commission's counterproposal entails removing protections for low-income residents that could lead to unfair utility rate hikes. "That is not a deal that I can support," she said.
After the market close, global exchange operator Intercontinental Exchange (ICE) announced it had struck a deal to acquire some of Standard & Poor's fixed-income pricing services.
"With rising demand for independent data in the global fixed-income and credit markets, this transaction will support the need for innovation and increased risk management and valuation services," CEO Jeffrey Sprecher said in a statement. "We look forward to serving customers in these markets as they become more transparent, and as pricing becomes more accessible."
Prices of crude increased almost 2% in regular market trading to $34.35 a barrel, based on U.S. benchmark West Texas Intermediate.