Friday, June 11, 2010

Current Stock Prices Dropping: Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX)

As we've watched many of the oil companies stock drop, Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) are also seeing current stock prices dropping today. The oil and gas industry as a whole is in a downtrend.

Exxon has seen a decline of 0.6 percent bringing it to $61.32. The Dow Jones Industrial Average is also down 31 points or 0.3 percent lower to 10,141. This downward trend is seen on the S&P 500 as well, losing 0.3 percent to 1,079. Seeing an increase is the Nasdaq Composite Index of 0.2 percent.

Crude oil futures fell below $74.00 a barrel causing a decline in energy stocks, as well as the Exxon decline Chevron also dropped 1 percent.

"People are seeing that the economy isn't booming, but it's also not getting worse," said Malcom Polly, chief investment officer at Stewart Capital Advisors. "That's why the confidence numbers are getting a little better. But actual spending still isn't strong enough where we can say that we'll get a traditional consumer led recovery."

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