SAN FRANCISCO (MarketWatch) — Energy stocks ended a see-sawing day in the red, with investors eying developments in Washington but not holding much hope for a solution.
Negotiations to avert a potential default and reopen the government were halted late Tuesday. The government is facing a Thursday deadline to raise its debt limit.
Some of the proposals on the table included some temporary fixes: extending the borrowing limit till February and opening the government through December.
The day's negative tone was also set by weak earnings for Citigroup Inc.
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Cyclone slams India Though Cyclone Phailin caused only a few deaths when it smashed into India's eastern coast over the weekend, farmers and fishermen were hit hard as homes, boats, crops and infrastructure were washed away across the subcontinent.
Citigroup (C) missed analyst expectations, reporting adjusted earnings of $1.02 a share for the third quarter.
Among energy stocks on the S&P 500 Index, refiner Phillips 66 (PSX) was the worst hit, with shares off 1.6%.
Other top decliners included coal producer Peabody Energy Corp. (BTU) , with shares down 1.3%, and Cabot Oil & Gas Corp. (COG) , off 1.1%
Tesoro Corp. (TSO) shares declined 0.5%.
A unit of Tesoro said Monday it is developing a plan to reroute a pipeline that ruptured in North Dakota, leading to the spill of about 20,000 barrels of oil onto a wheat field. Tesoro Logistics declined to give any details of the plan, which will be shared with federal authorities.
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Among advancers, WPX Energy Inc. (WPX) rose 3.2%.
Major oil and gas companies were lower, with shares of Exxon Mobil Corp. (XOM) down 0.9%. Chevron Corp. (CVX) shares retreated 0.4%, while shares of ConocoPhillips (COP) were off 0.1%.
The SPDR Energy Select Sector (XLE) , an exchange-traded fund focused on energy names, ended the day 0.4% lower.
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