US STOCKS-Energy sector lags as oil falls
NEW YORK, Sept 18 (Reuters) - Shares in energy companies were trading lower on Thursday, as a rise in the U.S. dollar and demand concerns sent oil prices lower.
The dollar gained strength against a basket of major currencies on expectations the U.S. Federal Reserve would quicken its pace of increases in interests rates after its first rate hike, serving to send oil prices lower. Brent crude was down 1.4 percent to $97.55 while U.S. crude lost 1.1 percent to $93.38.
The S&P energy index was down 0.3 percent, making it one of just two major S&P sectors in negative territory. The index is down 7 percent from its record high set on June 23. Chevron Corp, down 0.4 percent to $124.24 and Exxon Mobil, down 0.3 percent to $96.77, were the two biggest drags on the Dow Industrials.
Both the oil majors could be due for a bounce, however, as Thomson Reuters StarMine data holds a $181.40 intrinsic value on Chevron and a value of $107.90 on Exxon.
Index snapshot at 12:26 p.m. EDT (1626 GMT):
* S&P 500 up 8.26 points, or 0.41 percent.
* Nasdaq Comp up 25.01 points, or 0.55 percent.
* Dow industrials up 93.38 points, or 0.54 percent.
* Russell 2000 up 5.23 points, or 0.45 percent.
* S&P MidCap up 4.67 points, or 0.33 percent.
* S&P SmallCap up 3.54 points, or 0.53 percent. (Editing by Bernadette Baum)
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