| NEW YORK, June 8
NEW YORK, June 8 Energy shares in the mid- and
small-cap space dropped on Friday, tracking a decline in the
price of crude oil as concerns resurfaced about the banking
crisis in Spain.
Broader indexes were modestly higher thanks to strength in
health-care shares, a group considered a defensive play, but
mid-cap shares were on track for a sixth straight weekly
Following its downgrade by ratings agency Fitch on Thursday,
Spain is expected to request European aid for its banks at the
weekend becoming the fourth and biggest country to seek help
since the euro zone debt crisis began, EU and German sources
The news hit energy shares, which are closely tied to the
pace of economic growth. Crude oil fell 2 percent and is
also on track for a sixth straight weekly decline.
"This is the same theme that we've been seeing: a fear of
European contagion spreading, which could thwart global demand
in developed countries," said Tom Kloza, chief oil analyst for
the Oil Price Information Service in Wall, New Jersey.
Mid-cap energy shares fell 1.6 percent while the
small-cap group lost 1.5 percent. Among the most active
names, Quicksilver Resources lost 7 percent to $3.56
while Forest Oil sank 4.6 percent to $7.84 and SM Energy
Co fell 4 percent to $48.97.
The S&P MidCap 400 index gained 0.3 percent while the
S&P SmallCap 600 index climbed 0.5 percent. The benchmark
S&P 500 rose 0.2 percent.
Strength came from health-care shares, which were the
percentage leaders on both the mid-cap and small-cap
spaces. Mid-cap shares gained 0.6 percent while
small-caps were up 1.3 percent.
Molina Healthcare Inc and Centene Corp both
soared after winning contracts to continue as Medicaid plan
providers in the state of Ohio. Molina gained 27 percent to
$22.55 and Centene was up 9.9 percent to $36.08.
In company news, Universal Health Realty Income Trust
rose 1.8 percent to $39.76 a day after lifting its