Why Chevron and ExxonMobil Stocks Bounced Higher Today

Investors in both Chevron (NYSE: CVX) and ExxonMobil (NYSE: XOM) had a good Friday, at least as far as their stocks' performance was concerned. Chevron closed the day 2.7% higher and ExxonMobil increased 2.3%; by contrast, the S&P 500 index crept up by 1.5%. In an exclusive article published well before market hours on Friday, The Wall Street Journal reported that Chevron and ExxonMobil are currently in "advanced" talks with Algeria's state-run energy company Sonatrach on a drilling agreement.