While most of the major sectors have moved to the upside on Wednesday amid a broad based rally, oil service stocks are posting particularly strong gains amid a notable increase by the price of crude oil.
Reflecting the strength among oil service stocks, the Philadelphia Oil Service Index is currently up by 2.9 percent, rising to a two-year intraday high.
The strength among oil service stocks comes as the price of crude oil has moved sharply higher, with crude for January delivery currently up $1.70 at $85.81 a barrel.
Crude oil is benefiting from the release of upbeat economic data from both the U.S. and China, including a report showing a continued expansion in Chinese manufacturing activity.
China's manufacturing purchasing managers index rose to 55.2 in November from 54.7 in October, the China Federation of Logistics and Purchasing said, with the index rising to a seven-month high.
In the U.S., payroll processor ADP released a report showing much stronger than expected private sector job growth in November, generating some optimism about the Labor Department's monthly employment report due to be released on Friday.
While a separate report released by the Institute for Supply Management showed a slowdown in the pace of growth in the U.S. manufacturing sector in November, activity in the sector still expanded for the sixteenth consecutive month.
The ISM said its manufacturing index edged down to 56.6 in November from 56.9 in October, although a reading above 50 indicates continued growth in the manufacturing sector. Economists had expected the index to slip to a reading of 56.5.
Among oil service stocks, Oceaneering (OII) is turning in one of the best performances, advancing by 5.9 percent. At its high for the session, Oceaneering was at its best intraday level in over two years.
Weatherford International (WFT), Halliburton (HAL), and Schlumberger (SLB) are also posting substantial gains.
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May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.