Dow, S&P 500 close at record highs as stock investors cheer bank earnings
U.S. stocks closed higher Friday, with the Dow Jones...
U.S. stocks closed higher Friday, with the Dow Jones Industrial Average and S&P 500 each ending at record highs after major Wall Street banks JPMorgan Chase & Co. and Wells Fargo & Co. reported quarterly earnings.
The Dow Jones gained 409.74 points on Friday, or 1%, to close at 42,863.86.
The S&P 500 rose 34.98 points, or 0.6%, to finish at 5,815.03.
The Nasdaq Composite added 60.89 points, or 0.3%, to end at 18,342.94.
Shares of JPMorgan rallied 4.4% Friday, while Wells Fargo's stock surged 5.6%, according to FactSet data.
For the week,the Dow climbed 1.2%, while the S&P 500 and Nasdaq each gained 1.1%. All three U.S. stock indexes rose for a fifth straight week, marking the longest winning streak since May for the Dow and S&P 500.
Oil & gas gains new backers as other investors retreat
According to energy experts at the recent Energy Capital Conference,...
According to energy experts at the recent Energy Capital Conference, family offices worldwide are seizing the opportunity to invest in exploration and production, stepping in where ESG-focused investors have pulled out. Though their involvement is expanding, especially in the US, this new source of capital is only a fraction of what's needed to fill the void left by traditional investment sources, panelists noted.
Cove Point LNG Poised for Restart After Maintenance
According to Rystad Energy, Berkshire Hathaway...
According to Rystad Energy, Berkshire Hathaway Energy-controlled Cove Point LNG is expected to resume operations soon after finishing maintenance activities.
Reuters reported that U.S. natural gas futures edged up about 1% on Oct. 10 due to forecasts for higher demand this week and an expected increase in the amount of gas flowing to the LNG plant.
After declining for four days, front-month gas futures for November delivery on Nymex rose $0.015, or 0.6%, to settle at $2.675/MMBtu. On Oct. 9, the contract closed at its lowest since Sept. 26.
Florida assesses the damage from deadly Hurricane Milton
The storm made landfall as a Category 3 near Siesta Key, Florida, on...
The storm made landfall as a Category 3 near Siesta Key, Florida, on Wednesday night, killing at least 10 people and causing up to $75 billion in damages. The roof of Tropicana Field, the stadium of the MLB’s Tampa Bay Rays, was destroyed. A construction crane was toppled from a high rise in St. Petersburg, scattering debris. Officials said more than 18 inches of rain fell on the city, and more than 3 million Floridians lost power. Despite all the damage, it could have been worse: President Biden said “lifesaving measures did make a difference,” while Florida Gov. Ron DeSantis said Milton ultimately did not become the worst-case scenario. [More]
