Dow Jones Bear Market: 1 Surprising Stock That Has Survived The Sell-Off
The Dow Jones Industrial Average dipped into bear market territory on Monday, closing down more than 20% from its recent peak. At last check, 26 of the 30 Dow stocks have lost ground this year, with many falling much more than the index.
One of the few stocks that have survived this year's sell-off in the Dow Jones might catch some investors by surprise. After delivering rather lackluster performance in recent years, oil giant Chevron (NYSE: CVX) is leading the Dow Jones this year with a more than 20% gain. Here's a closer look at why Chevron is thriving amid the Dow Jones bear market.
A big driver of Chevron's rise is oil prices. While oil prices have bounced around quite a bit this year, they're higher than when 2022 began. For example, Brent, the global oil benchmark price, was recently around $86 a barrel. While that's well below its peak of nearly $120 a barrel in June, it's still up about 15% for the year. The primary catalyst fueling oil prices is Russia's invasion of Ukraine and the impact that it's having on global energy supplies.
Source Fool.com
