Exxon Stock Up, Stock Market Does Well Despite Protest In Egypt
Monday stocks rose for Exxon Mobil. Stock was up by 1.2% at $79.92. This is good news as it seems the stock market will not be effected despite the political problems in Egypt.
Egyptian citizens are protesting, calling for an end to President Hosni Mubarak’s 30-year reign. Analysts were concerned that the protests in Cairo would result in a shutdown of the Suez Canal, which is used for oil transportation. The canal remains open and media outlets are reporting that is not experiencing delays.
With news that oil transportation isn’t being affected stocks in the U.S. are doing well especially in the energy sector. Exxon Mobil’s fourth-quarter results rose 53%, and the oil company gained earnings of $1.63 a share with a profit of $1.85 a share.
For the first time since October 2008, Brent crude crossed the $100 a barrel level, and the March light, was up $2.55 at $91.89.
Finally good news for the rest of the market as the Dow Jones Industrial Average was up by 53 points, or 0.4%, at 11,883. The S&P 500 was higher by 10 points, or 0.8%, at 1286, and the Nasdaq was ahead by 16 points, or 0.6%, at 2702.