Dow pares 1,000-point gain but U.S. stocks end sharply higher on tariff optimism
U.S. stocks closed with back-to-back gains on Wednesday,...
U.S. stocks closed with back-to-back gains on Wednesday, though the Dow Jones Industrial Average erased much of its 1,000-plus-point gain seen earlier in the session after a rally sparked by hopes of easing U.S.-China trade tensions faded.
The Dow Jones Industrial Average rose 419.59 points, or 1.1%, to end at 39,606.57, based on preliminary data. It had jumped by as much as 1,189.13 points to a session high of 40,376.11.
The S&P 500 finished up by 88.10 points, or 1.7%, at 5,375.86.
The Nasdaq Composite rose 407.63 points, or 2.5%, to end at 16,708.05.
Those are the highest closing levels for the S&P 500 and Nasdaq Composite since April 15.
On Wednesday, Treasury Secretary Scott Bessent told reporters there was no unilateral offer from President Donald Trump to reduce tariffs against China. Earlier in the day, the Wall Street Journal reported the Trump administration was considering slashing its tariffs on Chinese goods, but that the president hadn't made a final decision.
Gold prices plunge in biggest one-day drop in years. Is the record rally over?
Gold suffered its biggest one-day drop in nearly four...
Gold suffered its biggest one-day drop in nearly four years Wednesday, raising questions about whether a torrid rally driven by anxiety over President Trump’s trade policies can continue as the administration appeared to take a more conciliatory approach.
The precious metal had climbed in grand scale this year, culminating in a rise past $3,500 an ounce this week, before support for prices appeared to suddenly give way.
Losses for gold intensified Wednesday, with prices down $125.30, or 3.7%, to settle at $3,294.10. Prices marked their largest daily percentage decrease since June 17, 2021, according to an analysis of FactSet data conducted by Dow Jones Market Data.
Crude oil inventories in the US rose by 244,000 barrels...
Crude oil inventories in the US rose by 244,000 barrels in the week that ended April 18th, contrasting with market expectations of a 700,000 barrel draw, to mark the fourth consecutive week of inventory build in the country, according to data from the EIA Petroleum Status Report.
On the other hand, stocks in the Cushing, Oklahoma, delivery hub eased by 86,000 barrels.
Among refined fuels, gasoline stocks plummeted by 4.5 million barrels and stocks of distillate fuels sank by 2.3 million barrels, both well above expectations.
EQT Buys Private Marcellus E&P Olympus Energy for $1.8B
EQT Corp. is acquiring upstream and midstream assets from private Marcellus...
EQT Corp. is acquiring upstream and midstream assets from private Marcellus E&P Olympus Energy for $1.8 billion. The deal is expected to close in the third quarter.
The deal includes $500 million in cash and approximately 26 million shares of EQT common stock, valued at $1.3 billion, the company announced on April 22 in its first-quarter earnings.
Blackstone-backed Olympus owns 90,000 net acres in southwest Pennsylvania, adjacent to EQT’s core Marcellus portfolio. Net production averages 500 MMcf/d.
Olympus holds 165 gross Marcellus drilling locations; 60 additional gross locations are in the deeper Utica bench.
At maintenance activity levels, Olympus holds over a decade of high-quality Marcellus inventory and another seven years of Utica upside.
The automaker reported Q1 earnings yesterday, and they were ugly. Net...
The automaker reported Q1 earnings yesterday, and they were ugly. Net income plummeted 71%, auto revenue fell 20% (worse than estimates), and the company paused its 2025 guidance amid a perfect storm of challenges: competition from China’s BYD and other EV-makers, supply chain issues, and political backlash against CEO Elon Musk. And while President Trump’s tariffs won’t hit Tesla as hard as other US automakers, the company admitted trade policies still “could have a meaningful impact on demand.” On a call with investors, Musk promised that starting next month, his “time allocation to DOGE will drop significantly,” and he will devote more of his time to Tesla.
