The Closing Bell 🔔
The Dow closed lower today. Oil is down 2.7% due to refinery shutdowns after Tropical Storm Harvey.
Aug 28, 2017 · 1 min read
Energy stocks got slammed on Monday as Harvey continues to batter Texas, the heart of the U.S. oil industry. Exxon shares were hit particularly hard. The company announced its Houston oil refinery was damaged by the storm. However, the aftermath saw some refinery stocks rise as gas prices inch upwards.
The retail apocalypse shows no sign of stopping as Perfumania Holdings filed for Chapter 11 bankruptcy. The store will continue its normal operations but will close 64 of its brick and mortar stores as it focuses on its e-commerce business.
Grocery shares continue to feel the pinch as Whole Foods stores opened with lower prices as the result of its acquisition by Amazon.
Here’s more of our coverage on the economic impact of Harvey:
