Dow Falls to Second Weekly Loss as Energy Stocks Run out of Steam

SourceInvesting.com
SectorOil & Gas
CountryGulf

© Reuters.

By Yasin Ebrahim

Investing.com – The Dow fell Friday and posted its second weekly loss amid weakness in energy stocks following mixed quarterly results from oil majors ExxonMobil and Chevron .

The fell 0.53%, or 181 points, and the was down 0.72%, but posted its best monthly gain since November. The was down 0.85%.

Exxon Mobil Corp (NYSE:) reported first-quarter results that topped Wall Street estimates as improving oil prices in the quarter bolstered growth.

But its shares slipped more than 2%.

Chevron (NYSE:), meanwhile, swung to a first-quarter profit, but missed analysts expectations on both the top and bottom lines, sending its shares more than 3% lower.

Lower oil prices also weighed on energy as rising infections in India continue to muddy the outlook for crude demand.

Yet, despite the losses on the day, energy was the best performing sector for Q1.

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