Stocks bounce, see highest close in over a month amid renewed hopes of a Fed pivot
U.S. stocks finished higher Monday, sending the Dow and S&P...
U.S. stocks finished higher Monday, sending the Dow and S&P 500 to their highest closes in more than a month, as investors assessed weaker-than-expected economic data and the possibility that the Federal Reserve might pull back on aggressive rate increases by year-end.
The Dow Jones Industrial Average DJIA, +1.34% finished up by 417.06 points, or 1.3%, at 31,499.62. That’s the highest closing value since Sept. 12.
The S&P 500 SPX, +1.19% ended up by 44.59 points, or 1.2%, at 3,797.34. That’s the highest closing value since Sept. 20. The index is up 6.2% from a nearly two-year low set on Oct. 12.
The Nasdaq Composite COMP, -7.32% finished up by 92.90 points, or 0.9%, at 10,952.61 after shaking off a morning decline.
The Dow rose 4.9% last week and the S&P 500 advanced almost 5% for their largest such gains since the week that ended June 24. The Nasdaq Composite gained 5.2% last week, its biggest rise since the week that ended July 29.
Schlumberger's profits buoyed by rising oil, gas activity
Oilfield services giant Schlumberger earned $907 million in the third quarter, its highest profit in...
Oilfield services giant Schlumberger earned $907 million in the third quarter, its highest profit in seven years and a 65% increase compared to a year ago, while revenues climbed 29% to $7.5 billion compared with the third quarter of 2021, as growing international oil and natural gas activity fueled drilling equipment demand. The company today unveiled a new name -- SLB -- and new visual identity to reflect its low-carbon focus.
US petroleum demand eased in Sept. as exports surged
US petroleum demand declined by 1.2% month over month to 20 million barrels per day in September, while...
US petroleum demand declined by 1.2% month over month to 20 million barrels per day in September, while domestic crude oil production fell slightly to 11.9 million bpd during the month, according to the American Petroleum Institute's latest monthly statistical report. The US was a net petroleum exporter in September as volumes shipped overseas climbed to 10.4 million barrels per day, the highest on records going back to 1947, the report reveals.
S&P and Dow adding to gains from winningest stock-market week since June
U.S. stocks opened higher on Monday after a volatile night of trading for futures as investors continued...
U.S. stocks opened higher on Monday after a volatile night of trading for futures as investors continued to react to shifting expectations about the future pace of Federal Reserve rate hikes. The S&P 500 SPX, 0.67% rose 12 points, or 0.3%, to 3,763. The Dow Jones Industrial Average DJIA, 1.08% gained 184 points, or 0.6%, to 31,277. The Nasdaq Composite COMP, -0.03% fell 44 points, or 0.4%, to 10,812.
The race to replace UK Prime Minister Liz Truss gets underway today,...
The race to replace UK Prime Minister Liz Truss gets underway today, a process that will conclude this week and possibly as early as this afternoon. The Conservative Party vote follows Truss' resignation Friday, capping a stint that was the shortest premiership in British history.
