Why Nordstrom Stock Dropped Today
Shares of Nordstrom (NYSE: JWN) were down 9.5% as of 1:30 p.m. EDT as investors feared the repercussions of higher gas prices stemming from last weekend's attacks on the world's largest oil processing facility in Saudi Arabia.
For perspective, the attacks reportedly cut off roughly half of Saudi Arabia's daily crude production, reducing global oil supplies by 5% and sending the price of crude soaring yesterday. Though Saudi Arabia's energy minister said today that the country expects to fully restore its oil supply by the end of September, industry experts still believe elevated oil prices could gradually translate to higher gas prices in the coming weeks.
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Source Fool.com
