The swing in oil prices impacted the fortunes of both the best and worst performers among the nine-Style Morningstar indexes. The Small Value Index rose 1.76%, making it the best performer for the week.
Several airline stocks [shares] in the Index got a boost from declining oil prices. AMR Corp., parent company of American Airlines, rose 16.6%, while Continental Airlines gained 20%. Separately, La Quinta Corp. surged 32.1% after announcing last week that it will be acquired by private equity firm The Blackstone Group for $3.4 billion.
The Mid Growth Index had the smallest gain of 0.74%, due in part to the losses experienced by
the energy companies in the index, as they had an adverse response to the energy supply increase. Patterson-UTI Energy Inc., a member of the index, tumbled 13.3% for the week. However, stocks in the index that performed well were able to offset these losses. Fischer Scientific International gained 12.4% after announcing upbeat earnings for the third quarter and increasing earnings forecasts.
For a more in-depth look into market performance please click on the Morningstar Weekly Market Report via the link on the right.
This article first appeared on http://indexes.morningstar.com.
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