Dow slipped for five-straight trading days and the energy-giant was one of the culprits.
Exxon shares has yet to find any antidote with its poor start this year as it remained in the negative territory after it fell sharply on the day before the inauguration of President-elect Donald J. Trump, which sent the blue chip Dow Jones industrial average to its fifth-consecutive slump.
Despite a surge in oil prices, Exxon shares dropped on a highly-volatile Thursday session, giving up 1.94% to close at $84.61, representing $1.55 per share, on volume of 16.31 million shares.
After starting the trading on a high note, opening at $85.97, the Texas-bases energy firm erased its earlier gains and flirted between $84.59 and $86.10 level before finishing just above the $84 print, which contributed major losses to the Dow Jones benchmark’s five consecutive slump.
The benchmark stretched its losing streak to quintet after it lost 72.32 points, or 0.4% at 19 732. Despite gaining 0.33% this year, the index erases some of its gains in the final quarter of last year, undermining its journey onto the psychological 20000 mark.
Meanwhile, the shares of the Exxon Mobil Corp., one of the biggest companies in the DJIA, were down 4.84% this year at $85.89, and depreciated 8.48% for the past six months despite the jump in oil prices amid the output cut activities of the members of the Organization of Petroleum Exporting Countries.
On Thursday, the West Texas Intermediate finished up $51.37 per barrel while the Brent crude futures ended up $51.37 per barrel.