Chevrons earnings dropped 90 from a year ago. Exxons earnings were cut in half. And these two dow components saw their stock prices take a hit. Chevron was off nearly 5 . Exxon sank 4. 5 . And today crude prices continued their tumble settling down nearly 3 to 47. 12. The commodity is now down 21 this month. Its worst month since october of 2008. And that was the heart of the financial crisis. Jackie deangelis has more now on the pain in the oil patch. Reporter when big oil speaks, investors listen. What was said today was not encouraging. Exxon mobil reporting its worst quarterly profit in nearly 13 years. And chevron seeing its profits plunge triggered by impairments and charges, based on lower oil prices. Exxon noted that higher profit in refining couldnt offset losses in its upstream businesses. Thats the exploration and production side of things. Exxon making a move to conserve cash confined to the market but it doesnt expect to see a quick rebound in crude prices. The Company Pla
Gains despite low trading volume, struggling economies in europe and deepening troubles in ukraine and the middle east. On this final trading day of the month, the dow added almost 19 points, the nasdaq rose 22 and s p up 6. 5 closing at 2003 and by the way, tomorrow will be the 2000th calendar day since the bull market began on march 9th of 2009. What a month august has been. The dow is up 3 , nasdaq posted a gain of 4 pblt 8 and the s p hirer by more than 3. 5 . Only february posted higher gains for those big indexes. So why do the markets keep rising in spite of the headline risks . And what are investors looking forward to in september . Bob takes a look. Reporter despite turmoil in the mideast and ukraine, what could derail the rally. The market is up because of continuing low interest rates. Secondly, the low Commodity Prices like oil. Third, a slowly improving economy. Fourth, we have record earnings and finally, the u. S. Is still the best place to put money. Next, what could d