Energy ETFs rally on merger talk, promised output cuts

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Energy-sector exchange-traded funds rallied Wednesday as OPEC+ re-committed to cutting its output, and on talk of a merger between two big production companies. The Energy Select Sector SPDR Fund was up 2.1% at midday, representing the biggest gain among 11 sectors of the S&P 500 . The SPDR S&P Oil & Gas Exploration & Production ETF jumped 3.3%. On Wednesday, shares of Conocophilips gained 1.2% after an early-morning media report said it was in talks to acquire Concho Resources , which saw shares jump nearly 14%. The two companies represent more than 7% of the portfolio of the Exploration & Production ETF. They make up more than 10% of the holdings of the Invesco Dynamic Energy Exploration & Production ETF , which was up nearly 4% at midday.
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