Why ExxonMobil Stock Was a Drag on the Market Today

·2-min read
Why ExxonMobil Stock Was a Drag on the Market Today

Friday wasn't the ideal day to be in the oil business. The performance of bellwether industry stock ExxonMobil (NYSE: XOM) reflected the situation; it closed the day essentially flat over Thursday's closing price, while the S&P 500 index enjoyed a nearly 0.6% bump. The influential party pooper in this case was U.S. Energy Secretary Jennifer Granholm, who on Thursday admitted that it could take years for the country to refill the SPR.