S&P 500 climbs for sixth straight day, logs fifth consecutive record close
(Thursday market close) The...
(Thursday market close) TheS&P 500® index (SPX) extended its record winning streak to five days Thursday as a stronger-than-expected Gross Domestic Product (GDP) report fueled investor optimism over the economy, helping offset a 12% tumble in Tesla (TSLA) shares that weighed on the Nasdaq Composite® (COMP).
Early Thursday, the government reported U.S. GDPexpanded at a 3.3% annual rate in the fourth quarter of 2023. While that was slower than 4.9% growth in the third quarter, it still blew past analysts' expectations for a number closer to 2%. The GDP report also included further indications of easing inflation. Here's where the major benchmarks ended:
TheS&P 500 index rose 25.61 points (0.5%) to 4,894.16, a record high close; the Dow Jones Industrial Average® (DJI) gained 242.74 points (0.6%) to 38,049.13, also a record high; theNasdaq Composite rose 28.58 points (0.2%) to 15,510.50.
The 10-year Treasury note yield (TNX) fell about 5 basis points to 4.13%.
The Cboe Volatility Index® (VIX) rose 0.31 to 13.45.
US oil production growth fueled by denser crude in 2023
Increased production of denser crude oil, primarily in Texas, but also in New Mexico and North Dakota,...
Increased production of denser crude oil, primarily in Texas, but also in New Mexico and North Dakota, drove the majority of US oil production growth in 2023, according to the Energy Information Administration. Lower 48 production of higher-density crude, characterized by an API gravity between 30.1 and 40.0 degrees, climbed by 19% in the first 10 months of 2023, hitting a record 4.75 million barrels per day in September.
Billionaire Joe Lewis pleads guilty to insider trading
Lewis, an investor who owns the Tottenham Hotspur football club and looks like a Bond villain, ...
Lewis, an investor who owns the Tottenham Hotspur football club and looks like a Bond villain, copped to one count of conspiracy to commit securities fraud and two counts of securities fraud. “I knew at the time what I was doing was wrong, and I am so embarrassed,” he told the judge. Prosecutors claim he tipped off girlfriends and staff, including his pilots, to nonpublic info about companies he had invested in. The 86-year-old, who was out on bail with a 322-foot yacht and private plane as collateral, faces up to 45 years in prison but is likely to be sentenced to less.
U.S. stock indexes rose after a stronger-than-expected fourth quarter 2023 U.S. GDP report, which showed economic activity grew by 3.3%, and remains robust. Energy stocks are set to follow suit, gaining on the heels of the strong GDP report, as well as on Brent crude breaking back above $80 this morning on yesterday’s large stockpile draw and still elevated tensions in the Red Sea. Earnings are continuing to pick up across the sector.
Oil prices are up this Thursday morning after data showed U.S. crude stockpiles fell more than expected last week and a fresh attack by Houthi forces on ships off Yemen's coast underscored the peril facing trade in a key global transit route. U.S. crude stockpiles tumbled by 9.2 million barrels last week, the EIA said, while analysts in a Reuters poll had expected a 2.2 million-barrel draw. The draw was driven by a stark drop in U.S. crude imports as winter weather shut-in refineries and kept motorists off the road.
Natural gas futures are higher by 5%, trading around $2.80, ahead of weekly inventory data. Analysts expect a large draw of 321 bcf, the third-largest draw of all time if realized.
FAA won’t allow production increases for Boeing 737 Max planes
Yesterday, the Federal Aviation Administration ...
Yesterday, the Federal Aviation Administration put a stop to Boeing’s planned expansion of its 737 Max aircraft production, but it also cleared the runaway for the Max 9 model involved in the scary Alaska Airlines door plug blowout to take off again after airlines finish checking them. The jets have been grounded since the incident on Jan. 5, but they’ll soon be back in the skies. However, the agency said it would not agree to any production expansion “until we are satisfied that the quality control issues uncovered during this process are resolved.”
