Chesapeake Energy's stock bounces on NYSE-leading volume as oil prices surge
Shares of Chesapeake Energy Corp. shot up 3.1% in active afternoon trading Thursday, to bounce off a 6-month low hit earlier in the session, as a rally in crude oil prices helped provide a boost to the oil and gas exploration and production company. Trading volume was 39.7 million shares, enough to make the stock the most actively traded on the New York Stock Exchange. The stock had hit an intraday low of $1.75 in morning trading, matching Wednesday's intraday low which was the lowest price seen Dec. 24. Helping provide support, crude oil futures rallied 2.5% to bounce off a 5-month low as apparent attacks on two oil tankers in the Middle East fueled supply concerns. Chesapeake's stock has tumbled 40% over the past three months, while the crude futures have lost 10%, the SPDR Energy Select Sector ETF has declined 6.8% and the S&P 500 has gained 2.9%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.