WEX - Why Wex Stock Easily Beat the Market This Week
The market was barely up this week as of 3:15 p.m. ET on Friday, despite getting thrashed on the week's final day. However, financial-technology (fintech) company Wex (NYSE: WEX) had fared far better, up around 13%, compared to the market's 1% gain. And that has everything to do with gas prices.
Earlier this week, OPEC decided to cut oil production by 2 million barrels a day, which had an immediate effect on prices. And as the chart below shows, Wex stock moved more closely in line with the price of oil than it did with the S&P 500 :
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Why Wex Stock Easily Beat the Market This Week