Stocks post losses after Fed minutes point to lingering inflation and rate risks
U.S. stocks posted back-to-back losses Wednesday after Federal...
U.S. stocks posted back-to-back losses Wednesday after Federal Reserve minutes of its July meetings showed concerns about inflation revving back up.The Dow Jones Industrial Average DJIA fell about 180 points, or 0.5%, ending near 34,765, according to preliminary FactSet data. The S&P 500 IndexSPX gave up 0.8% and the Nasdaq Composite IndexCOMP closed 1.2% lower. All three benchmarks booked back-to-back loses,while the S&P 500 ended at its lowest level in more than a month. Minutes of the Fed’s July 25-26 meeting said “Most participants continue to see significant upside risks to inflation, which could require further tightening of monetary policy.”
Oil exploration is making a comeback in Ohio's Utica fairway,...
Oil exploration is making a comeback in Ohio's Utica fairway, with companies such as Ascent Resources Utica and Encino Energy's EAP Ohio reporting impressive results from their newest wells. Ascent's two-well Lavada RCH GR pad and three-well Jackalope WSG GR pad yielded 2,691 barrels per day and 4,405 bpd on average, respectively, during initial months of production, while Encino/EAP Ohio generated 1,118 bpd on average from each of its four new wells in Carroll County during their first 182 days online.
North Dakota produced 1.17 million barrels per day of crude oil in June, marking a 3% month-over-month...
North Dakota produced 1.17 million barrels per day of crude oil in June, marking a 3% month-over-month increase and the highest level since December 2020, while natural gas output climbed by 3% to over 3.25 Bcf/d, according to the state's Mineral Resources Department. Mineral Resources Director Lynn Helms expects the momentum to persist into the following month and noted that oil producers are moving into non-core drilling areas, which calls for increased investments in gas capture and transportation infrastructure.
US Mortgage Rate Climbs to 7.16%, Matching Highest Since 2001
(Bloomberg) -- The US 30-year mortgage rate rose to 7.16%...
(Bloomberg) -- The US 30-year mortgage rate rose to 7.16% last week, matching the highest since 2001 and crimping both sales and refinancing activity.
The contract rate on a 30-year fixed mortgage rose 7 basis points to 7.16% in the week ended Aug. 11, according to Mortgage Bankers Association data out Wednesday. The gauge of home-purchase applications slipped for a fifth-straight week to the second-lowest level since 1995.
President Joe Biden and first lady Jill Biden plan to travel...
President Joe Biden and first lady Jill Biden plan to travel to Maui on Monday to meet with first responders and survivors, as well as federal, state and local officials, in the wake of the deadly wildfires on the Hawaiian island, the White House said Wednesday. They plan to “see firsthand the impacts of the wildfires and the devastating loss of life and land that has occurred on the island, as well as discuss the next steps in the recovery effort,” the White House added.
