Dow ends up over 350 points Friday, but stocks suffer weekly losses
U.S. stocks finished higher on Friday, snapping a four-day losing...
U.S. stocks finished higher on Friday, snapping a four-day losing streak in a hectic session that saw the three major indexes swing in and out of positive territory multiple times.Volatility was high across asset classes as investors contended with shifting expectations surrounding where the Fed funds rate is expected to peak next year, along with Friday’s October jobs report data and the expiration of daily and weekly options tied to individual stocks, stock indexes and exchange-traded funds, which helped to exacerbate volatility, market strategists said. The S&P 500 SPX, +1.36% finished 50.66 points, or 1.4%, higher at 3,770.55, but still logged a weekly loss of 3.4% its worst weekly performance in about a month, according to Dow Jones Market Data. The Nasdaq Composite COMP, +1.28% closed 132.31 points, or 1.3%, higher at 10,475.25, but logged a weekly loss of 5.7% for its worst such pullback since the week ended Jan. 21. The Dow Jones Industrial Average DJIA, +1.26% gained 401.97 points, or 1.3%, to finish at 32,403.22 on Friday, but still saw a weekly decline of 1.4%.
Blackstone may fetch $2 bln in sale of U.S. oil and gas producer PRI Operating
Blackstone Inc. ...
Blackstone Inc. BX, 3.71% is weighing the sale of portfolio company PRI Operating in a deal that could be valued at about $2 billion including debt, Reuters reported on Friday. Citing people familiar with the deal, the Reuters report said Blackstone is seeking a potential buyer for PRI Operating, also known as Patriot Resources, as part of its effort to move away from investments in oil and gas companies because of their role in boosting greenhouse gas emissions. Patriot Resources is owned by Blackstone's credit investment unit. Shares of Blackstone shares are up 1.7% on Friday. The company's stock has fallen 30.8% in 2022 compared to a 21.3% drop by the S&P 500 SPX, 1.81%.
Record-setting US oil exports to Asia expected this month
Shipping data from Kpler show that Asian refiners are on track to import a record 1.8 million barrels...
Shipping data from Kpler show that Asian refiners are on track to import a record 1.8 million barrels per day of US crude oil this month, lured by West Texas Intermediate's widening discount to Brent. US oil exports to South Korea are expected to hit a record 619,000 bpd, while China is seen taking at least 450,000 bpd, the most since December 2020, according to Refinitiv.
The former prime minister and current opposition leader Benjamin Netanyahu is poised to return to power after near-final election results showed his conservative coalition winning a majority in the country's parliament.
Netanyahu lost power in 2021, after a coalition of left-wing, center-right, and Arab political groups agreed to a power-sharing structure that produced a one-vote majority in the 120-seat Knesset. The ruling government collapsed in June, triggering the country's fifth election in four years. Netanyahu's return to power relies on a coalition between his conservative Likud party, which is projected to win the most seats at 32, and smaller religious and nationalist parties. The bloc is currently pegged to win 64 seats, providing a larger majority than recent governments.
Catalytic converter theft ring smashed in NE Oklahoma
Federal prosecutors announced this week the arrests of 13 persons allegedly involved in a ring...
Federal prosecutors announced this week the arrests of 13 persons allegedly involved in a ring of catalytic converter thefts around the Tulsa area.
An estimated 2,000 converters were stolen in Tulsa in the past year according to U.S. Attorney Clint Johnson. News on 6 in Tulsa reported some of the defendants are from New Jersey and New York.
