Dow closes sharply higher as U.S. stocks book back-to-back weekly gains
The U.S. stock market finished sharply higher Friday,...
The U.S. stock market finished sharply higher Friday, as investors appeared encouraged by Federal Reserve Chair Jerome Powell’s Jackson Hole speech signaling the Fed was on the path toward cutting interest rates.
The Dow Jones Industrial Average climbed 462.30 points, or 1.1%, to close at 41,175.08.
The S&P 500 rose 63.97 points, or 1.1%, to finish at 5,634.61.
The Nasdaq Composite gained 258.44 points, or 1.5%, to end at 17,877.79.
According to Dow Jones Market Data, the Dow ended just 0.1% below its record closing high on July 17, while the S&P 500 finished 0.6% below its all-time closing high on July 16.
For the week, the Dow advanced 1.3% while the S&P 500 and technology-heavy Nasdaq each increased 1.4%, according to Dow Jones Market Data. All three major U.S. stock indexes booked back-to-back weekly gains.
Small oil firms feel the pinch of industry consolidation
In the heart of West Texas, small oil businesses like Benro Pump and...
In the heart of West Texas, small oil businesses like Benro Pump and Supply battle to stay relevant as industry consolidation and technological advancements push them to the margins. Thomas Jacob of Rystad Energy notes that mergers create big companies that often favor equally large vendors, leaving smaller firms struggling to compete on price and scale.
Midwest gasoline prices spike on refinery disruptions
US Midwest gasoline prices hovered above the national average over the...
US Midwest gasoline prices hovered above the national average over the past three weeks as a series of refinery outages in Chicago and Ohio reduced refinery utilization and drained regional inventories, the Energy Information Administration reports. Regional capacity utilization has recovered to 97% since Aug. 16 after dropping to 86% in the previous two weeks.
American Petroleum Institute executives present at the Democratic National Convention struck a note of...
American Petroleum Institute executives present at the Democratic National Convention struck a note of guarded optimism regarding a potential Kamala Harris presidency, pointing to her softened stance on fracking as a promising development. "We all know they are going to continue the old songs of price collusion and polluting for profits and all those things, but we're reducing emissions more than anywhere else in the world …we are going to continue to send that message while we're here," said API President and CEO Mike Sommers.
More than 100 top economic leaders from around the world are huffing...
More than 100 top economic leaders from around the world are huffing mountain air together at the Kansas City Federal Reserve’s annual Jackson Hole symposium, where Fed Chair Jerome Powell is expected to drop hints today about how hard and fast the US central bank will ease record-high interest rates.
Now that inflation and the labor market have cooled off…economists are about as sure as they can be that the Fed will issue the first of many rate cuts at its next meeting in September. They became more confident this week after new data showed that the US has recently added nearly 30% fewer jobs than previously thought.
The question now is whether a quarter-point reduction to the current 23-year-high interest rate of 5.25%–5.5% is enough. You can count on Powell to provide zero concrete answers and instead give economists just enough to maybe infer his next move.
