Dow jumps over 700 points, Nasdaq ends up 4% as investors cheer Powell's remarks
Stocks saw broad gains Wednesday after Federal Reserve Chair Jerome Powell confirmed that the central...
Stocks saw broad gains Wednesday after Federal Reserve Chair Jerome Powell confirmed that the central bank will slow the pace of its aggressive rate-hiking campaign that has weighed on markets.
The Dow Jones Industrial Average closed up 737.24 points, or 2.18%, to 34,589.77. Meanwhile, the tech-heavy Nasdaq Composite jumped 4.41% to 11,468.00. The S&P 500 added 3.09% to 4,080.11.
“It makes sense to moderate the pace of our rate increases as we approach the level of restraint that will be sufficient to bring inflation down,” Powell said in a speech at the Brookings Institution in Washington, D.C. “The time for moderating the pace of rate increases may come as soon as the December meeting.”
Powell cautioned the Fed may stay with restrictive policy for a long time before it ends its inflation fight. “Despite some promising developments, we have a long way to go in restoring price stability,” Powell said.
Crude oil prices moved further up today after the U.S. Energy Information Administration ...
Crude oil prices moved further up today after the U.S. Energy Information Administration reporteda crude oil inventory decline of 12.6 million barrels for the week of November 25.
At 419.1 million barrels, oil inventories are 8 percent below the five-year average for this time of the year. Last week’s inventory move compared with a draw of 3.7 million barrels estimated for the previous week.
In fuels, the EIA estimated inventory builds.
Gasoline inventories added 2.8 million barrels in the reporting period, with production averaging 9.4 million bpd, compared with a build of 3.1 million barrels for the previous week, with production at 9.2 million barrels daily.
In middle distillates, the EIA reported an inventory increase of 3.5 million barrels for the week to November 25, with production averaging 5.3 million bpd, compared with an inventory build of 1.7 million barrels for the previous week and production of 5.1 million bpd.
Big energy price hikes await New Yorkers this winter
Soaring natural gas prices are likely to send the cost of electricity 20% to 30% higher at the wholesale...
Soaring natural gas prices are likely to send the cost of electricity 20% to 30% higher at the wholesale level in New York this winter, as a result of higher demand and the energy market disruption caused by Russia's invasion of Ukraine, said Richard Dewey, CEO of the state's power grid operator. The cost of natural gas scheduled for delivery to New York City in January is already 60% higher than it was a year ago.
Record freight rates for Aframax tankers and disrupted loading operations due to bad weather could lead...
Record freight rates for Aframax tankers and disrupted loading operations due to bad weather could lead to a decline in US crude oil exports in December and cause ships to pile up off the US Gulf Coast waiting to load. Census Bureau data show that the US exported 3.47 million barrels per day in the first nine months of the year and is poised for a fresh record.
Fla. community takes a stand against proposed LNG project
Nopetro LNG's proposal to develop a small-scale liquefied natural gas export terminal at the site of...
Nopetro LNG's proposal to develop a small-scale liquefied natural gas export terminal at the site of a former paper mill in North Port St. Joe, Fla., has been met with resistance from residents of the city's predominantly Black north end, who are raising health and environmental justice concerns. Local officials say the project is safe and could provide a much-needed economic boost to the community.
