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The Israeli military announced on Monday that it will begin withdrawing several thousand troops from Gaza at least temporarily, in what would be the most significant publicly announced pullback since the war began.
The military cited a growing toll on the Israeli economy following nearly three months of wartime mobilization with little end in sight to the fighting. Israel has been considering scaling back its operations, and the United States has been prodding it to do so more quickly as the death toll in Gaza continues to rise. More than 20,000 people have been killed in Gaza since the beginning of the war, according to local health authorities.
(Friday market close)Hopes that the S&P 500 index (SPX) could establish a new all-time high in 2023 faded with the old year Friday as major U.S. equity benchmarks lost ground on December's final trading day. Still, the SPX managed to post its ninth-straight winning week and finished up 24% for the year after falling more than 19% in 2022. Friday's close left the index just 0.4% below its record close of 4,796 posted on January 3, 2022.
Like other large-cap benchmarks, the S&P 500 turned in a strong year behind outsized gains in the biggest technology stocks, propelled by excitement over artificial intelligence (AI). While AI might've been the biggest theme of the year, the Federal Reserve's recent pivot toward possible interest rate trims in 2024 crushed a long rally in Treasury yields, helping interest-rate-sensitive small caps and financials participate in the late-2023 rally as well.
Optimism also stemmed from hopes the Fed can navigate a "soft landing" for the economy that avoids recession even as inflation growth continues to slow. Investors eagerly await the December Nonfarm Payrolls report scheduled January 5 for the latest read on the U.S. economic picture. Here's where the major benchmarks ended:
Benchmark U.S. crude oil for February delivery fell 12 cents to $71.65 per barrel Friday. Brent crude for March delivery fell 11 cents to $77.04 per barrel.
Wholesale gasoline for January delivery rose 1 cent to $2.10 a gallon. January heating oil fell 1 cent to $2.55 a gallon. February natural gas fell 5 cents to $2.51 per 1,000 cubic feet.
Brazil’s oil and gas production reached in November its highest level ever for a single month, data from oil regulator ANP showed on Thursday, eclipsing the previous record set in September.
Oil and natural gas production totaled 4.698 million barrels of oil equivalent per day in the period, ANP said in a statement, with oil output alone rising 18.8% year-on-year to 3.678 million barrels per day.
Natural gas production jumped 15.5% to 162.12 million cubic meters per day, the regulator added.
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