$525 billion. That was Exxon's market capitalization at its peak in 2007; it's now down to about $175 billion. To compare, Wells Fargo has fallen to about $123 billion from a high of $320 billion at the start of 2018.It's been a terrible year for cyclical sectors like energy and financials, which tend to outperform during periods of economic prosperity but fall hard during recessions.
banks," Fitch Ratings analysts said in a note December 15, reiterating a negative rating for the sector and saying performance shouldn't ramp up until later in the year once vaccination efforts prove economically fruitful.
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