?The rise in crude has been so long in duration and price that it's drawn more and more people'' into buying energy stocks, said David Rolfe, who manages $250 million as chief investment officer of Wedgewood Partners Inc. in St. Louis. ``If you subscribe to the idea that there's been some bubble aspects to the rise in crude, reversals are quick and dramatic.''
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Energy Companies Shares Drop On Oil Prices Slide
U.S. stocks fell as a plunge in oil prices dragged energy shares lower
U.S. stocks fell as a plunge in oil prices dragged energy shares such as Exxon Mobil Corp. lower, thwarting the benchmark's attempt to build on a three-year high, Bloomberg reports.
Exxon, whose chemicals business reported record third- quarter profit because of surging oil prices, lost 99 cents to $50.16. ChevronTexaco Corp., the No. 2 U.S. oil company, declined $1.03 to $52.45. ConocoPhillips, the largest U.S. refiner, sank $3.48 to $85.80. The three stocks were among the four biggest drags on the S&P 500.
?The rise in crude has been so long in duration and price that it's drawn more and more people'' into buying energy stocks, said David Rolfe, who manages $250 million as chief investment officer of Wedgewood Partners Inc. in St. Louis. ``If you subscribe to the idea that there's been some bubble aspects to the rise in crude, reversals are quick and dramatic.''
?The rise in crude has been so long in duration and price that it's drawn more and more people'' into buying energy stocks, said David Rolfe, who manages $250 million as chief investment officer of Wedgewood Partners Inc. in St. Louis. ``If you subscribe to the idea that there's been some bubble aspects to the rise in crude, reversals are quick and dramatic.''
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