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America Based Marathon Petroleum Shares Crashed

America based Marathon Petroleum Corp. shares inched 0.48% higher to $61.34 Tuesday. This proved to be an all-around great trading session for the stock market, with the S&P 500 Index SPX rising 0.51% to 4,246.44 and the Dow Jones Industrial Average DJIA rising 0.20% to 33,945.58.

Marathon Petroleum Corp. closed $3.50 below its 52-week high ($64.84), which the company reached on June 10th. The stock demonstrated a mixed performance when compared to some of its competitors Tuesday, as Exxon Mobil Corp. XOM rose 1.92% to $63.79, Chevron Corp. CVX rose 0.33% to $106.40, and BP PLC ADR BP rose 0.78% to $27.15.

Marathon Petroleum Corp trading volume (4.2 M) remained 3.2 million below its 50-day average volume of 7.4 M.This was the stock’s second consecutive day of gains. Last year the company laid off 1,920 workers across the U.S. despite taking $2.1 billion in federal tax benefits meant to cushion the pandemic’s blow to the economy. The worker interviewed for this story, who asked to remain anonymous for fear of difficulty finding a job, is still unemployed. He and his wife had plans to start a family, which are now on hold. And he is competing with more than 18,000 oil, gas and manufacturing workers in Louisiana who lost jobs last year.

Marathon came to receive roughly $1.1 million in federal dollars for every job the company eliminated. Kheiry noted that the company lost $9.8 billion after taxes last year and faced uncertainty over demand for gasoline and other refined products, which were needed less during the pandemic. Marathon idled its refineries in Gallup, New Mexico, and in Martinez, California

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