Markets Bull Streak Hits Wall as Energy Sector Lags (XOM, CVX)

Stocks can’t keep momentum and collectively suffer their largest losses since last month. Energy stocks led the downward spin, led by Exxon Mobil (XOM) 2.3% drop. In other corporate news, Chevron (CVX) suffered the most expensive oil dame-related lawsuit in history due to improper treatment of regulations in Ecuador. Citizens of the county had sued the oil company due to severe pollution of the years. In political news, President Obama warned the country his new 2012 budget that hopes to cut $1 trillion from the federal deficit may have a negative impact on the recovery. This comes ahead of the G-20 summit this week, where officials are expected to press China to change their currency manipulation policies.

Word on the Street

• President Obama warns the new budget aimed to cut the federal deficit may hamper the economic recovery.
• US officials will continue urging China to ease their currency manipulation at the G-20 summit this week.
• Chevron (CVX) suffers largest oil damaged related lawsuit verdict in history, but stocks head onward.
• Sirius XM Radio (SIRI) has reason to be optimistic as it lifts it’s projected number of subscribers.
• Home Depot (HD) stores in Michigan will hire another 2100 season workers.
• Apple (AAPL) launches App Store subscriptions modeled after the iPad news app The Daily.
• Nokia (NOK) shareholders worry deal with Microsoft (MSFT) won’t help the struggling cell phone manufacturer.

Interesting Tidbits

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