A mixed session to end the week on Wall Street. The Dow Industrials rose 64 points, the S&P 500 edged up 2 points, while the Nasdaq Composite fell 17.
Both Exxonmobil and Chevron today reported quarterly earnings that easily topped analysts’ estimates.
Excluding tax impacts, Exxon earned $6.41 billion for the quarter, marking a 72 percent increase from the year-ago period. Its numbers also showed a small incrase in fossil-fuel production. Exxonmobil shares rose 3 1/2 percent. Meanwhile, Chevron posted profits of $2.06 a share; its stock gained 3 1/4 percent.
Oil futures notched strong gains today, with traders saying U.S. sanctions on Venezuela’s state-owned oil firm raised the risk of tighter crude supplies.
Also lifting prices: data showing a weekly decline in the number of active U.S. oil rigs, implying a potential slowdown in domestic production activity. March crude jumped $1.47 or 2.7% to settle at $55.26 a barrel.