Oil and gas explorer Plains Exploration & Production Co. jumped
4.46% Thursday to close at $38.17 on news that Occidental Petroleum
Corp. agreed Thursday to buy the rest of Plains' interests in the
Permian Basin of West Texas and New Mexico and the Piceance Basin of
Colorado for $1.25 billion. Occidental ticked up 1.6% to close at
$77.88.
Tanganyika Oil Co. Ltd., a Canadian oil explorer that
operates in Syria, jumped 12.12% to $29.15 on the Toronto Stock
exchange. The company has agreed to sell out to a unit of Sinopec Group
for C$1.9 billion ($1.8 billion).
Auto maker Daimler AG, which is at
the mercy of oil price movement, gained 4.29% to close at $58.13 per
share as it and Cerberus Capital Management LP on Wednesday confirmed
they were discussing the sale of Daimler's remaining 19.9% stake in
Chrysler LLC to the buyout shop.
The Dow Jones Industrial Average
rose 196.89 points to close at 11,022.06 on news that an agreement in
principle has been reached on the hill on the awaited bank debt bailout
plan. Crude oil, which has slid on fears that a faltering U.S. economy
could hurt global oil demand, ticked up $2.29 to $108.02 per barrel on
the bail out news. - Michael Rudnick
