Diamonds and Dogs

8/29/22

Exxon Mobil (XOM) is up 3% moving back toward the 52 week high, helping lift the Dow off its lows as the price of oil has rebounded 3% today and up 10% in the last two weeks. The price of oil has been rising due to possible modest production cuts from OPEC plus. Elon Musk made comments today saying we need more oil and gas as a bridge to renewables.

Bristol Myers (BMY) is down 5%, the biggest decline year to date,after their blood thinner medication for stroke victims fell short of expectations. Even though it missed the mark, the medication did lead to a 30% reduction in the risk of recurrent strokes.

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