Dow ends up 550 points, Nasdaq jumps over 3% as focus shifts to earnings
U.S. stocks closed sharply higher Monday as quarterly corporate earnings picked up steam and the S&P...
U.S. stocks closed sharply higher Monday as quarterly corporate earnings picked up steam and the S&P 500 recorded its best daily percentage gain since Oct. 4, according to FactSet data. The Dow Jones Industrial Average DJIA, +1.86% gained about 550 points, or 1.9%, ending near 30,188, while the S&P 500 index SPX, +2.65% advanced 2.7%. But it was the technology-heavy Nasdaq Composite Index COMP, 3.43% that led the way higher for the three big stock indexes with a 3.4% gain. The bounce in stocks came after the U.K.'s new Chancellor of the Exchequer Jeremy Hunt reverse most of the previously announced "mini-budget," including unfunded tax cuts and a reduction to energy benefits. Investors in the U.S. also have been focused on corporate earnings, including results from lending giant Bank of America BAC, +6.06% as it reported a "resilient and strong" U.S consumer despite the toll of high inflation.
Hamm family to buy Continental Resources for $74.28/share
Continental Resources (NYSE:CLR) +8.4%...
Continental Resources (NYSE:CLR) +8.4% Monday after agreeing to be acquired by Chairman and founder Harold Hamm for $74.28/share, valuing the company at nearly $27B; the offer price includes $0.28/share in lieu of the company's anticipated Q3 dividend.
The Hamm family, which collectively owns 83% of Continental (CLR) total outstanding common shares, made a $70/share offer for all remaining shares in June.
The new deal price represents a 15% premium to the closing price on June 13, the day before Hamm's family disclosed its initial proposal, and 8.9% premium to the closing price on Friday.
Continental (CLR) shares, which have not closed at or above $74.28 since September 2014, have gained 48% YTD.
BP Acquires RNG Producer Archaea Energy for $4.1 Billion
BP has boosted its biogas presence in the U.S. with a $4.1 billion...
BP has boosted its biogas presence in the U.S. with a $4.1 billion acquisition of renewable gas producer Archaea Energy,the company said Oct. 17, marking one of the largest deals in the sector’s history.
Houston-based Archaea operates about 50 renewable natural gas (RNG) and landfill gas-to-energy facilities across the United States. The energy major says Archaea’s development pipeline supports about a fivefold increase in RNG volumes by 2030.
OPEC+ Members Endorse Output Cut after US Coercion Accusation
OPEC+ member states lined up on Oct. 16 to endorse the steep cut to its output target agreed this month...
OPEC+ member states lined up on Oct. 16 to endorse the steep cut to its output target agreed this month after the White House, stepping up a war of words with Saudi Arabia, accused Riyadh of coercing some other nations into supporting the move.
The kingdom’s defense minister and King Salman’s son, Prince Khalid bin Salman, said the Oct. 5 decision to reduce output by 2 million bbl/d—taken despite oil markets being tight—was unanimous and based on economic factors.
His comments were backed by ministers of several OPEC+ member states including the United Arab Emirates.
Mississippi River Water Levels are Lowest in 30 Years
Water levels on the Mississippi are approaching their ...
Water levels on the Mississippi are approaching their lowest levels in 30 years, creating traffic jams, jacking up shipping prices, and threatening jobs that depend on this critical trade route.
Why is it so dry? The simple answer is always the correct one: There’s been no rain. Vicksburg, Mississippi, which is located on the river, has received less than one inch of rain since Sep. 1.
Meager water levels make transportation on the river much trickier—or downright impossible. Last Friday, more than 2,000 barges were backed up along the Mississippi because certain points were closed.
Why it matters: The Mississippi River is the lubricant of the American commercial engine. The river’s basin accounts for 92% of US agricultural exports, and 78% of global exports of soybeans and feed grains, per the Guardian. When the river was closed at least three times during the Great Plains drought of 2012, the US economy suffered $35 billion in losses.
