March 27--Why does the stock market close on Good Friday?
That question arose in the newsroom last week, and the only clarity I could provide is that it always has.
A little research uncovered several possible reasons, ranging from an ancient lease for the New York Stock Exchange to superstition after a particularly bad Good Friday to compromises between Christian and Jewish traders.
But there was no solid evidence that any of those was the actual reason. Turns out maybe I was right: It's tradition.
Meanwhile, our top-performing state stock last week was
Tulsa
-based
WPX Energy, which eked out a narrow 4 percent gain during a shortened trading week that saw most of its peers slip a bit.
--
This week's beagle has been a frequent occupant of the doghouse since oil prices began their slide nearly two years ago.
Oklahoma City
-based
Seventy Seven Energy focuses on oil-field services, and when commodity prices tumbled, the company's customers slashed drilling budgets.
Last week, SSE's low-priced stock slid about 25 percent, closing Friday at 60 cents.
It also was a tough week for industry colleague Williams Cos., the
Tulsa
energy giant. WMB shares fell more than 15 percent to close at
$15.35.
Meanwhile, the company seeking to acquire Williams said the planned merger would move Williams' headquarters to
Dallas
, uprooting or cutting loose employees in
Tulsa
and
Oklahoma City
.
Not a sterling week for the
Oklahoma
energy business.
___
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Source: Equities.com News
(March 26, 2016 - 10:35 PM EDT)
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