ExxonMobil And Wells Fargo Lost $220 Billion In Market Value This Year-The U.S. Stock Market’s Biggest 2020 Losers
- Date: 29-Dec-2020
- Source: Forbes
- Sector:Financial Markets
- Country:Middle East
ExxonMobil And Wells Fargo Lost $220 Billion In Market Value This Year-The U.S. Stock Market’s Biggest 2020 Losers
Topline
Despite the stock market reaching new highs this year, ExxonMobil and Wells Fargo–the nation's largest energy firm and third-biggest bank, respectively–have posted massive stock losses, yielding the two biggest market value plunges of 2020 as their sectors struggle to recover from a breakneck fall spurred by the coronavirus pandemic.
The Esso Fawley Oil Refinery, operated by Exxon Mobil Corp., stands in Fawley, U.K., on Thursday, ... [+] May 14.
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Key Facts
ExxonMobil and Wells Fargo shares have plunged an eye-popping 40% and 45% this year, respectively, tanking each firm's market value by roughly $120 billion and $100 billion–more than any other stock market loss incurred by a U.S. firm in 2020, according to Bloomberg data.
Both firms hail from the year's worst-performing sectors, per S&P 500 returns, with energy plummeting 37% while financials are down 6%, compared to a nearly 15% gain for the broader index.
ExxonMobil's 2020 plunge is its worst yearly performance ever, sparked by an all-out oil price war between Saudi Arabia and Russia that