Why High-Yielding Energy Stocks Soared Today

The stock market snapped back for the second straight day, with the S&P 500 closing Wednesday up by more than 1.1%. Fueling that rally was the expected approval by Congress of a $2 trillion stimulus program to help businesses and individuals weather the economic shutdown that has come as the world responds to the COVID-19 pandemic.

Energy stocks were among the biggest movers on the day, with shares of several large, dividend-payers jumping by double-digit percentages. Leading the way were Kinder Morgan (NYSE: KMI), Brookfield Infrastructure Partners (NYSE: BIP), Phillips 66 (NYSE: PSX), Marathon Petroleum (NYSE: MPC), and Occidental Petroleum (NYSE: OXY).