By InTheMoneyStocks.com on April 23rd, 2010 3:15pm Eastern Time
At 9:40 am EST Exxon Mobil Corporation (NYSE:XOM) was trading down at a price of $68.20. Since that time Exxon Mobil Corp has rallied to $69.10. When this stock gets going it can single handedly move markets as it has the largest market capitalization in the stock market.
Chevron Corporation (NYSE:CVX) is another major energy stock that is rallying today. This stock along with Exxon Mobil Corp is one of the key names in Dow Jones Industrial Average. Chevron Corp is trading higher today by $1.18 to $82.37.
Schlumberger Limited (NYSE:SLB) is also a leading energy services name that is soaring right now. This stock is trading higher today by $4.76 to $72.95.
Today's catalyst for energy stocks taking off to the upside seems to be the U.S. Dollar Index, PowerShares DB US Dollar Index Bullish (NYSE:UUP). This morning the dollar was trading above $82.00, and at a new high for the year. Once the opening bell rang at the NYSE the dollar plunged lower by more than 0.60 cents. When the dollar is lower, commodities and commodity stocks are higher - its just that simple.
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