Exxon Mobil Corporation (NYSE:XOM) shares have soared to a new 15-month high today, pulling up the Dow Jones Industrial Average and helping Wall Street keep its record-setting upward pace going. Investors were undoubtedly responding to Exxon Mobil’s deal with Rosneft’ NK OAO (MCX:ROSN) and news about lower unemployment claims.
Exxon Mobil tops $100
Shares of Exxon Mobil Corporation (NYSE:XOM) rose more than 1% in intra-day trading today. According to The Street, the oil giant’s shares have increased 16% over the last year. Exxon Mobil announced a joint venture with Russian oil and gas giant Rosneft’ NK OAO (MCX:ROSN) today. Together, they will be launching a pilot program which involves drilling horizontal wells and also reviving old wells in parts of Western Siberia.
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The Street rates Exxon Mobil as a Buy based on “the convergence of positive investment measures.” The site’s analysts expect the company to report declining earnings in 2014, but they note that the company’s debt-to-equity ratio is quite low at .13, which is lower than the industry average. Also even though Exxon Mobil Corporation (NYSE:XOM) posted declining earnings and revenue this year, it did outperform against the 5.7% industry average.
Exxon Mobil leads stocks higher
CNBC notes that Exxon Mobil wasn’t the only stock to move higher today. The Dow Jones rose 118 points today, and all but one of the index’s 30 divisions saw gains. The S&P 500 also gained today, led by the energy and consumer discretionary lending sectors. The NASDAQ rose as well, hitting its highest level since September 2000. Of the 248 trading sessions which have already been completed this year, the Dow industrials have closed out 49 of them at a new all-time high. The S&P 500 has finished 43 of them at a new high.
According to CNBC, for every seven stocks which declined today, more than eight of them gained at the New York Stock Exchange. A flurry of positive news reports surrounding companies like Tesla Motors Inc (NASDAQ:TSLA) and T-Mobile US Inc (NYSE:TMUS) pushed those stocks higher as well. Tesla said today it is focusing on China’s wealthier cities, while T-Mobile was said to be in talks to be acquired by Softbank.