Cheap Energy Stocks Shrug Off Climate Alarm With Cash Flowing
- Stocks held steady last week despite UN climate change report
- Energy stocks are among the best performing sectors this year
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The sobering United Nations-backed report on global warming last week prompted a lot of hand wringing from governments and the general public about fossil fuels. The response from investors in the oil and gas industry? A big shrug.
Shares of energy companies, which led the S&P 500 higher for much of the year, ended the week little changed. Oil prices rebounded from a selloff earlier in the month, despite the warnings that the world must wean itself off fossil fuels, and fast.