Chevron & Exxon Fail to Join Crude's Rally as Stocks Slip for 4th Day
Stocks managed to close off their lows but failed to stop its losing streak. Crude oil spiked to settled $51.43 a barrel. Futures hit their fifth straight gain on concerns the conflict in Yemen may disrupt supplies. Despite the rise in oil prices, oil giants and blue chips, Chevron (CVX) and Exxon Mobil (XOM) both slipped. Earnings results drove Winnebago (WGO) down 14%. The recreational-vehicle maker reported a surprise drop in profits. There were some big gainers in the session. Red Hat (RHT) closed 10% to the upside after beating Wall Street’s earnings expectations. The company said it sees bigger demand for its cloud products. Beating earnings expectations and raising its full-year outlook pushed Accenture (ACN) up 7%. The consulting firm said growth in its North American outsourcing business boosted results.
