Dow, S&P 500 end higher Friday, but stocks book weekly losses
The Dow and S&P 500 finished a choppy session higher Friday, but with the main U.S. equity indexes...
The Dow and S&P 500 finished a choppy session higher Friday, but with the main U.S. equity indexes still booking a weekly loss as doubts emerged about the staying power of a rally sparked by signs of easing U.S. inflation. The Dow Jones Industrial Average DJIA, +0.59% rose about 200 points, or 0.6%, ending near 33,747 Friday. The S&P 500 index SPX, +0.48% closed up 0.5%, but failed to end above the 4,000 mark after trading above that level several times intraday in past sessions this week. The Nasdaq Composite Index COMP, 0.01% eked out a 0.01% gain Friday. Stocks wobbled earlier this week after St. Louis Federal Reserve President James Bullard said the central bank's rate could end up as high as 7%, up from the current 3.75% to 4% range. Higher rates make it more expensive for households and businesses to borrow. This tightening cycle differs from the recent past in that the central bank has been raising rates into what appears to be a slowing economy, with economists and investors seeing the risks of a recession increasing as the Fed tightens the screws of financing conditions. The Dow ended the week flat, while the S&P 500 posted a 0.7% weekly decline and the Nasdaq shed 1.6%, according to FactSet. Stocks have ended lower in two of the past three weeks.
Natural gas futures are trading lower, down 9 cents at $6.27...
Natural gas futures are trading lower, down 9 cents at $6.27 MMBtu at 10:07 AM ET, after finishing higher yesterday but remained on track for a weekly gain. The Kremlin said today that Russian President Putin discussed the idea of creating a Turkish gas hub with Turkish President Erdogan.
Average U.S. gas demand, including exports, is expected to jump from 122.3 bcfd this week to 125.9 bcfd next week.
The energy sector is off to a lower start, pressured...
The energy sector is off to a lower start, pressured by weakness in the underlying commodities and in the major equity indices. U.S. stock index futures rose after a selloff in the previous session driven by hawkish comments from a Federal Reserve official that stoked fears of more aggressive rate interest hikes from the central bank.
WTI and Brent crude oil futures are down in early trading weighed down by concern about weakening demand in China and further interest rate rises by the U.S. Federal Reserve. China, which sources say is looking to slow crude imports from some exporters, has seen a rise in COVID-19 cases, while hopes for the moderation of aggressive U.S. rate hikes have been dented by remarks from some Fed officials this week. Recession concerns have dominated this week even with the European Union's ban on Russian crude looming on Dec. 5 and OPEC+ tightening supply. OPEC+, which began a new round of supply cuts in November, holds a policy meeting on Dec. 4.
U.S. existing-home sales drop for record ninth straight month
The numbers: Existing-home sales fell 5.9% to a seasonally adjusted annual rate of...
The numbers: Existing-home sales fell 5.9% to a seasonally adjusted annual rate of 4.43 million in October, the National Association of Realtors said Friday. Compared with October 2021, home sales were down 28.4%.
Economists polled by the Wall Street Journal had expected a decrease to 4.37 million units.
The level of sales is the lowest since December 2011 excluding the 2020 pandemic. This is also the ninth straight monthly decline in sales, the longest streak on record.
White House Asks Congress for $500 Million to Modernize SPR
The Biden administration has asked Congress for $500 million...
The Biden administration has asked Congress for $500 million to modernize the U.S. strategic petroleum reserve (SPR), a document outlining the request shows.
If approved by Congress, the request, issued by the White House on Nov. 14, provides the Department of Energy (DOE) with funding to improve the four SPR sites along the Texas and Louisiana coasts.
The SPR oil is stored in hollowed-out, underground salt caverns that can shift and potentially require maintenance when petroleum is removed and replaced. The facility’s steel pumps and equipment are also subject to the constant lashing of moist, salty air, which can be corrosive.
