U.S. stocks finish higher as investors digest strong retail-sales data
U.S. stocks finished higher Wednesday after the Department of...
U.S. stocks finished higher Wednesday after the Department of Commerce reported that retail sales were stronger than anticipated in January. The Dow Jones Industrial Average DJIA, +0.11% closed 0.1% higher, while the S&P 500 SPX, +0.28% rose 0.3% and the technology-heavy Nasdaq Composite COMP, +0.92% climbed 0.9%, according to preliminary data from FactSet. Retail sales in the U.S. climbed 3% last month, a report Wednesday from the Commerce Department shows. That was the biggest increase in U.S. retail sales in almost two years, and above the 1.9% rise forecast by economists polled by the Wall Street Journal.
A month after rebranding as Vital Energy Inc., the company ...
A month after rebranding as Vital Energy Inc., the company formerly known as Laredo Petroleum announced the acquisition of Midland Basin acreage in Upton and Reagan counties, Texas, in a cash and stock deal worth roughly $214 million.
Vital Energy said Feb. 14 that it had struck a deal with Driftwood Energy Operating LLC to acquire 11,200 net acres that are currently averaging production of 5,400 boe/d (63% oil) with a decline rate of 50% over the next 12 months.
Vital Energy, based in Tulsa, Okla., said the acquisition would extend its oil-weighted inventory life with the addition of 23 net operating horizontal drilling locations in the Wolfcamp B Formation. The deal includes four net DUCs. Most of the acreage, production and inventory is located in contiguous leasehold in Upton, the company said in a news release.
Under the terms of a purchase and sale agreement, Vital Energy acquires Driftwood’s leasehold interests and hedges for $127.6 million cash and 1.57 million shares of Vital Energy stock.
The three unidentified objects recently shot down by the US military weren’t sent by aliens, and they ...
The three unidentified objects recently shot down by the US military weren’t sent by aliens, and they probably weren’t spy balloons, either, the Biden administration claimed. Instead, they could have just been balloons “tied to some commercial or benign purpose,” John Kirby of the National Security Council said. We also learned that the first missile strike intended to bring down an object over Lake Huron on Sunday missed its target, but the second one hit.
Johnson & Johnson can no longer use bankruptcy to block a trial in California over claims its baby powder caused the deadly cancer of a 24-year-old man, a federal judge ruled Tuesday.
The World Health Organization said it will more than double funds for its earthquake response in Syria and Turkey.
US men who stop work at 60, on average, can expect a decade or less of healthy retirement while men in France look forward to more than 18 healthy years.
U.S. retail sales' 3% jump in January is fastest monthly pickup in 22 months
The numbers: Sales at U.S. retailers jumped 3% in January — the biggest increase in...
The numbers: Sales at U.S. retailers jumped 3% in January — the biggest increase in almost two years — as Americans flocked to the stores at the start of the new year. Retail sales are a big part of consumer spending and offer clues about the strength of the economy. Sales were forecast to rise 1.9%, based on a Wall Street Journal poll of economists.
Receipts increased a still-strong 2.6% if auto dealers and gas stations are excluded. Car and gasoline purchases exaggerate the ups and downs in overall retail spending. The sterling January report could help generate a better-than-expected increase in first-quarter gross domestic product.
At the same time, though, it could ramp up pressure on the Federal Reserve to keep raising interest rates to try to tame inflation. Strong economic growth tends to add to inflation pressures.
Key details: Sales of new vehicles and parts, an up-and-down category, jumped 5.9% last month. That’s the biggest increase in 22 months.
