Dow finishes up over 270 points Friday, notching 2.5% gain for April
U.S. stocks ended April higher on Friday, with the Dow Jones Industrial Average booking its best monthly...
U.S. stocks ended April higher on Friday, with the Dow Jones Industrial Average booking its best monthly gain since January. Despite renewed focus on stress in the U.S. banking system, major stock indexes were able to post gains on Friday to end the week and month on higher ground, in part as earnings reports from several big technology companies, including Meta Platforms Inc. META, +0.74% were received positively by investors. The Dow DJIA, +0.80% rose about 272 points Friday, or 0.8%, ending near 34,098, according to preliminary FactSet levels. The S&P 500 index SPX, +0.83% posted a 0.8% gain, while the Nasdaq Composite Index COMP, 0.69% advanced 0.7%. Volatility in the stock market has remained in check, even as First Republic Bank FRC, -43.30% has been exploring talks with multiple partners about strategic options, including potentially asset sales, as its stock price has retreated by about 97% on the year through Friday. For the week, the Dow gained 0.9% and 2.5% for the month, its highest percentage gain in a month since January, according to Dow Jones Market Data. The S&P 500 rose 0.9% for the week and 1.5% in April, while the Nasdaq gained 1.3% for the week and ended the month nearly unchanged.
AAA forecasts big summer travel season and with it—higher gasoline prices
AAA says the coming months promise to be a very busy summer for travel, even though we’re a month away...
AAA says the coming months promise to be a very busy summer for travel, even though we’re a month away from the Memorial Day holiday and the unofficial kickoff to the summer driving season.
The automobile agency reported this week that international travel bookings this year are already up 200% compared to 2022 and the TSA is warning travelers that summer airline passenger levels are expected to be “comfortably above” pre-pandemic numbers. Despite airline ticket prices running 20 to 30% higher than in 2022, Delta Airlines reports a record number of advance bookings for summer travel.
The U.S. Energy Information Administration (EIA) said inventories...
The U.S. Energy Information Administration (EIA) said inventories for the week ending April 21 rose by a slightly higher-than-expected 79 Bcf, expanding already hefty surpluses even further less than a month into the injection season.
Overall, the print landed in the range of expectations ahead of the report. Major surveys showed estimates from 64 Bcf to 83 Bcf. NGI modeled a 77 Bcf increase.
The 79 Bcf build compared with the 42 Bcf injection recorded by the EIA for the similar week last year. The five-year average for the period was 43 Bcf.
Oil prices rise while traders watch for possible recession
Oil prices moved up a bit, but traders are closely watching the market ahead of the Federal Reserve and...
Oil prices moved up a bit, but traders are closely watching the market ahead of the Federal Reserve and European Central Bank interest rates talks next week. "The current earnings season, as well as the macroeconomic reports in recent weeks, are sending mixed signals about recession risk," said analyst Pavel Molchanov of Raymond James. "This is why oil prices are moving rather aimlessly -- there is a lack of conviction in either direction."
Amazon topped revenue expectations last quarter, but investors got spooked when it warned that growth...
Amazon topped revenue expectations last quarter, but investors got spooked when it warned that growth in its highly profitable cloud unit was slowing.
New York City’s MTA said it would stop posting service updates on Twitter, saying the platform was “no longer reliable.”
A San Francisco office tower that was sold for $300 million in 2019 is now on sale for ~$60 million, reflecting the rough shape of the office sector in downtown SF.
Here’s how the AI race played out on Big Tech’s earnings calls.
Ethereum, the world’s second-largest cryptocurrency, reduced its emissions by 99.99% after switching its network model from “proof of work” to “proof of stake.”
