Why ExxonMobil, Conoco Phillips, and Lockheed Martin Rallied on a Down Day for the Markets

Shares of oil and gas majors ExxonMobil (NYSE: XOM) and Conoco Phillips (NYSE: COP), as well as defense contractor Lockheed Martin (NYSE: LMT), rallied on Tuesday, up 2.8%, 4.2%, and 3.5%, respectively, as of 1:17 p.m. ET, even as the broader indices were down between 1% and 2% at that time.Fortunately for their shareholders, but unfortunately for other sectors and the world, these critical companies saw their stocks rally as oil prices spiked on news that Iran was launching an imminent attack on Israel.On Tuesday, a senior White House official said Iran is preparing to launch an imminent ballistic missile attack on Israel. Then at midday, the Israel Defense Forces reported Iran had in fact launched missiles toward Israel. The attack comes after Israel has struck against Iran's proxy army Hezbollah operating in southern Lebanon. In addition, Israel is preparing a limited military operation in southern Lebanon to clear the area of Hezbollah militants. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool