The 2020 Presidential Election featured President Donald Trump running against Joe Biden. Investors and analysts pointed to several sectors that could benefit from each respective president winning the election. One sector that wasn’t seen as a likely benefactor of a Biden presidency has turned in impressive gains since November 2021.
What Happened: An election win by Joe Biden in 2020 was seen as a win for the clean energy sector and as a potential negative for oil stocks as Biden had publicly voiced opposition to pipelines.
One of the best-performing large-cap stocks since Biden took office has coincidentally been oil company Exxon Mobil Corp XOM.
The invasion of Ukraine by Russia is among the causes that have led to higher prices per barrel of oil and higher gas at pumps around the country. Exxon Mobil is one of several oil companies that has benefitted along the way.
Shares of Exxon Mobil have hit new all-time highs several times in 2022.
Investing $1,000 In Exxon Mobil: Oil company Exxon Mobil closed at $33.23 on the night of the 2020 Presidential Election. Shares opened for trading at $33.27 on Nov. 4, 2020, the day after Biden was declared the winner of the 2020 Presidential Election.
A $1,000 investment in Exxon Mobil could have purchased 30.06 shares at the open on Nov. 4, 2020. The 30.06 shares would be worth $3,186.66 today based on a current price of $106.01 for Exxon Mobil at the time of writing.
The $3,186.66 value, which doesn’t count dividends, represents a return of 218.7% in nearly two years time.
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Image and article originally from www.benzinga.com. Read the original article here.