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Old warhorse beats Tesla and meme stocks on Wall Street
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Last Updated: May 16, 2021, 06:12 PM IST
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Synopsis
The cyberattack on Colonial Pipeline Co.’s fuel distribution line along the U.S. Eastern Seaboard didn’t do much damage to refining stocks, as a prolonged shutdown was avoided.
Reuters
Oil & gas shares are up 40% this year compared with a 11% gain in the broad equities benchmark.
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By Michael Bellusci
It’s going to take more than a pesky pipeline shutdown to knock energy stocks off their pedestal as this year’s best performing group in the S&P 500. Indeed, while the market focuses on popular meme stocks, alternative energy plays, tech and Tesla, the best place to make money in 2021 has been that old warhorse, the crude patch.