Dow ends down over 600 points, Nasdaq falls 3.8% after jobs data Friday
U.S. stocks finished the week in the red after a still-strong...
U.S. stocks finished the week in the red after a still-strong September jobs report Friday suggested the central bank would not alter the course of monetary policy soon. The Dow Jones Industrial Average DJIA, -2.11% fell 630 points, or 2.1%, to finish at 29,297. The S&P 500 SPX, -2.80% lost 2.8%, while the Nasdaq Composite COMP, -3.80% slid 3.8%. Friday's employment report showed the U.S. economy added 263,000 new jobs in September, slightly lower than Dow Jones' forecast of 275,000 jobs, and well below the 315,000 new positions added in August. The unemployment rate, meanwhile, declined to 3.5% from an August reading of 3.7%. Despite the selloff, the S&P booked a 1.5% weekly gain after back-to-back rallies earlier in the week, while the Dow gained 2% and the Nasdaq was up 0.7%, according to Dow Jones Market Data.
U.S. gains 263,000 jobs in September to mark smallest gain in 17 months
Stock futures fell on Friday morning as traders evaluated September’s...
Stock futures fell on Friday morning as traders evaluated September’s jobs report,which showed the unemployment rate continuing to decline and sparked an increase in interest rates.
Dow Jones Industrial Average futures fell 300 points, or 1%. S&P 500 futures lost 1.3%, while futures tied to the Nasdaq 100 slipped 1.8%.
Friday’s jobs numbers showed the U.S. economy added 263,000 jobs in September, slightly below a Dow Jones estimate of 275,000. However, the unemployment rate came in at 3.5%, down from the 3.7% in the previous month in a sign that the jobs picture continues to strengthen even as the Federal Reserve tries to slow the economy with rate hikes to stem inflation.
The falling unemployment rate sparked a jump in rates, in turn weighing on futures. The 2-year year Treasury yield jumped 8 basis points to 4.31%. (1 basis point equals 0.01%.)
California Oil Producer Berry Corp. Explores Sale, Sources Say
Berry Corp. is exploring strategic options that could result in a sale of the California-focused oil...
Berry Corp. is exploring strategic options that could result in a sale of the California-focused oil producer, people familiar with the matter said on Oct. 6.
The company is considering a wide range of options as it undertakes the strategic review with the help of a financial adviser, said the sources, who cautioned that a final decision on pursuing any specific course has not been made.
Berry has a market value of about $669 million, based on its closing price on Oct. 5, and holds long-term debt worth $395 million as of June 30. Around 80% of Berry’s production came from California in the second quarter, with the remainder from Utah's Uinta basin.
US gas output, LNG exports seen growing this winter
US natural gas output will average 104 billion cubic feet per day this winter, up 4% year over year,...
US natural gas output will average 104 billion cubic feet per day this winter, up 4% year over year, while liquefied natural gas exports will be 30% higher than the average for the past three years at an estimated 13.4 billion cubic feet per day, the Natural Gas Supply Association projected. "The (forecast) shows producers are rising to the challenge of strong winter demand for natural gas at home while meeting the critical needs of an under-supplied global market," said NGSA Chairman David Attwood.
Cheniere kicks off Corpus Christi LNG facility expansion
Cheniere Energy on Tuesday held a groundbreaking ceremony to mark the start of the $8 billion Stage 3...
Cheniere Energy on Tuesday held a groundbreaking ceremony to mark the start of the $8 billion Stage 3 expansion project at its Corpus Christi liquefied natural gas export facility in Texas. The project, expected to be completed in 2025, includes seven production units that will bring the plant's capacity to 27.55 million short tons per year and create 100 new jobs.
