MarketWatch: Nasdaq, S&P 500 end higher Friday, but U.S. stocks suffer third week of declines
Major U.S. stock indexes closed mixed Friday but finished a turbulent week sharply lower on fears that...
Major U.S. stock indexes closed mixed Friday but finished a turbulent week sharply lower on fears that high inflation and tighter financial conditions could derail the economy. The Dow Jones Industrial Average dija fell about 40 points, or 0.1%, closing near 29,886 and booking at 4.8% weekly decline. The S&P 500 index SPX, +0.22% rose 0.2% Friday, but fell 5.8% for the week, while the Nasdaq Composite Index COMP, +1.43% gained 1.4% Friday and shed 4.8% for the week. The S&P 500 officially entered a bear market this week, while all three indexes booked a third-straight week of losses, according to Dow Jones Market Data. The brief rally for stocks after the Federal Reserve's 75 basis point rate hike on Wednesday, its largest in nearly three decades, gave way to sharp selling on mounting fears about the U.S. economy landing in a recession as the central bank looks to cool inflation by raising rates to nearly 4% by the end of 2023, and by reducing its near $9 trillion balance sheet.
U.S. drillers add oil and gas rigs for second week in a row
U.S. energy firms this week added oil and natural gas rigs for a second week in a row...
U.S. energy firms this week added oil and natural gas rigs for a second week in a row as crude production returned to pre-pandemic levels and President Joe Biden slammed oil producers for profiting from sky-high prices instead of boosting output.
The total oil and gas rig count, an early indicator of future output, rose seven to 740 in the week to June 17, its highest since March 2020. Oil rigs rose four to 584 this week, their highest since March 2020, while gas rigs gained three to 154, their highest since September 2019.
Total output in the major U.S. shale oil basins will rise 143,000 bpd to 8.901 million bpd in July, the highest since March 2020, the government projected. read more
Benchmark U.S. crude oil for July delivery fell $8.03 to $109.56 a barrel Friday. Brent crude for August delivery fell $6.69 to $113.12 a barrel.
Wholesale gasoline for July delivery fell 17 cents to $3.79 a gallon. July heating oil fell 23 cents to $4.34 a gallon. July natural gas fell 52 cents to $6.94 per 1,000 cubic feet.
Lawsuit targets oil and gas drilling permits issued in New Mexico by Biden administration
A...
A federal lawsuit could overturn multiple oil and gas drilling permits issued under the administration of President Joe Biden, who during his campaign vowed to crack down on pollution from the fossil fuel industry but was since criticized for not taking strong enough action.
Santa Fe-based WildEarth Guardians and the Center for Biological Diversity jointly filed the suit in U.S. District Court of the District of Columbia Wednesday against the U.S. Department of the Interior and its sub-agency the Bureau of Land Management, which oversees onshore oil and gas operations on public land throughout New Mexico.
The suit questioned all applications to permit drilling (APDs) issued by the federal government between Jan. 21, 2021 and May 31 in the Permian Basin of southeast New Mexico.
Oil prices poised to break a string of weekly gains as demand worries linger
Oil prices were struggling for traction on Friday, as investors juggled concerns over demand and the...
Oil prices were struggling for traction on Friday, as investors juggled concerns over demand and the commodity was set to market its first weekly loss in several.
On Friday morning at 8:22 AM ET, West Texas Intermediate crude for July delivery was down 35 cents to $117.36 a barrel. August Brent crude was 17 cents lower to $119.64 a barrel.
