US stocks closed modestly lower Friday as oil titans Exxon Mobil and Chevron led a slump in energy stocks. It was a seesaw week for the market, but all three major indexes closed higher by roughly 1 percent.
Shares of Exxon Mobil and Chevron fell roughly 5 percent each on Friday. Both companies posted major declines in their year-over-year profits largely due to the big drop in the price of oil.
Other energy stocks fell in unison with the giants.
The S&P 500 energy sector slumped 2.6 percent, its biggest drop since January. And benchmark US crude closed $1.40 lower at $47.12 a barrel. Crude has fallen over $12 during July.
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A disappointing economic report also weighed on stocks. US wages and benefits grew at their slowest pace in 33 years in the spring, the Labor Department said.