S&P 500 ends shy of record as U.S. stocks climb after Trump's tariff update
U.S. stocks booked big gains on Thursday after President...
U.S. stocks booked big gains on Thursday after President Trump's awaited trade-war update included no deadline or concrete specifics on how "reciprocal tariffs" might be applied.
The Dow Jones closed about 342 points higher, or 0.8%, ending near 44,711, according to preliminary data. That was its best daily percentage gain since Jan. 23, according to FactSet.
The S&P 500 gained about 63 points, or 1%, ending around 6,115. That was slightly below its closing high at 6,118.71, set on Jan. 23, 2025.
The Nasdaq Composite rose about 295 points, or 1.5%, finishing around 19,945.
Aramco’s Motiva Expands Texas Refinery to Become Largest in US
Motiva Enterprises' Port Arthur, Texas, refinery has become America's...
Motiva Enterprises' Port Arthur, Texas, refinery has become America's largest fuel-making facility, now capable of processing 654,000 barrels of crude daily, surpassing plants owned by ExxonMobil and Marathon Petroleum. The Saudi Aramco-owned company achieved this expansion through process optimization rather than major construction, reflecting an industry trend where refiners favor incremental upgrades over large expansions amid declining fuel demand, while smaller refineries face increasing pressure to compete with these mega-facilities.
Motiva’s expansion comes alongside the closure of two other refineries: LyondellBasell Industries NV’s Houston plant and Phillips 66’s Los Angeles facility, both set to shutter this year.
Motiva ran more than 600,000 barrels of oil a day on average last year and 651,000 barrels a day in December, according to data from the Railroad Commission of Texas. By contrast, Marathon’s Galveston Bay and Exxon’s Beaumont plants, both in Texas, averaged 551,000 and 583,000 barrels per day in 2024.
Trump says talks to end Ukraine war will start “immediately” following call with Putin
After what President Trump described as a “lengthy and highly productive...
After what President Trump described as a “lengthy and highly productive phone call” with Russia’s Vladimir Putin, Trump said they’d agreed to begin negotiations to end the war that began when Russia invaded Ukraine in 2022. This represents a shift in US policy, as Joe Biden did not engage directly with Putin. Trump subsequently called Ukrainian President Volodymyr Zelensky “to inform him of the conversation.” Zelensky called their talk “meaningful” on X, saying, “No one wants peace more than Ukraine.”
The oil company says it plans to fire 15% to 20% of its global workforce, or about 9,000 people, by the end of next year as it looks to cut $2 billion to $3 billion in costs. It’s not the only large energy company slashing its headcount as oil prices dip: Britain’s BP recently announced plans to cut 5%. Meanwhile, the status of Chevron’s deal to buy Hess for $53 billion, which would give it access to Guyana’s oil field, is uncertain amid a legal challenge from competitor ExxonMobil.
Teacher Marc Fogel back in US after prisoner swap with Russia. The...
Teacher Marc Fogel back in US after prisoner swap with Russia. The call between Trump and Putin came after Fogel, an American arrested for flying into Moscow with medically prescribed marijuana in 2021, returned to US soil as part of a prisoner exchange. To secure Fogel’s freedom, the Trump administration agreed to release Alexander Vinnik, a Russian citizen and the co-founder of Bitcoin exchange BTC-e, which US authorities say was used by criminals for ransomware schemes, identity theft, and drug trafficking. Vinnik, who pleaded guilty to conspiracy to commit money laundering, will leave $100 million worth of digital assets in the US as part of the deal, per NBC.
A federal judge cleared the way for the Trump administration to resume its “buyout” plan to get federal employees to resign as part of cost-cutting efforts led by Elon Musk.
Tulsi Gabbard was confirmed by the Senate and sworn in as director of national intelligence. Former Senate Majority Leader Mitch McConnell was the only Republican to join Democrats in voting against her confirmation.
Inspectors general fired by President Trump sued to get their jobs back, saying the terminations were illegal.
Diddy slapped NBC with a $100 million lawsuit over the Peacock documentary Diddy: The Making of a Bad Boy.
Scientists using a deep-sea telescope discovered a neutrino with about 30x more energy than the previous most energetic ghost particle found, in a rare case of life imitating Young Sheldon. They believe its origins are outside the Milky Way Galaxy.
