Halliburton’s better-than-expected quarterly earnings and upbeat outlook for the industry, despite what it called “unprecedented volatility” in commodity markets, helped lift oil services stocks.
Brian Youngberg, industry analyst with Edward Jones, said:
I think investors are realizing that the sky is not falling for oil field services like Halliburton. Yes, 2009 is going to be a little bit tougher, no question about it. But markets cycle. As investment drops off for a little bit, prices rebound and then investment picks back up.
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