Shares of energy companies rose as traders bet a second wave of inflation is on the horizon.
Wholesale prices rose 0.6% in February, surpassing economists' targets.
Phillips 66 shares rose to all-time highs as the refiners were set to gain from gasoline holding steady in a range of between $2.50 and $3 a gallon for much of the last six months. Economists say there's a ceiling to gasoline prices above which demand is "destroyed" and consumption slows.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
03-14-24 1733ET