Dow ends down over 300 points Friday as stocks suffer worst week of 2023
U.S. stocks suffered their worst weekly rout of the year as another...
U.S. stocks suffered their worst weekly rout of the year as another hotter-than-expected jobs number and the first major American bank failure since 2008 sent the major indexes reeling in afternoon trade.Stocks finished lower on Friday, as the Dow Jones Industrial Average fell for the fourth straight session, its longest streak of daily losses since Dec. 19, according to FactSet data. The S&P 500 SPX fell by 56.73 points, or 1.5%, to finish Friday’s session at 3,861.59, according to preliminary closing data from FactSet. The large-cap index notched a weekly drop of 4.6%, its biggest such loss since September. The Dow DJIA dropped 345.22 points, or 1.1%, to 31,909.64, bringing its weekly loss to 4.4%. The Nasdaq Composite COMP fell 199.47 points, or 1.8%, to 11,138.89 on Friday, falling 4.7% for the week. Meanwhile, Treasury yields plunged as investors bought back into bonds. The yield on the 2-year note ended down 0.478 percentage points over the last two trading days to 4.586%, its biggest two-day drop since Sept. 14, 2001, according to Dow Jones Market Data.
The energy sector is showing strength this Friday morning. ...
The energy sector is showing strength this Friday morning.
Following three-consecutive sessions of declines, WTI and Brent crude oil futures are trading higher, reversing early morning losses following the release of U.S. jobs data. Oil prices turned positive as fresh labor data calmed worries about the prospect of steep interest rate hikes in the United States hitting fuel demand. U.S. Fed Chair Jerome Powell previously warned of higher and potentially faster rate hikes, saying the Fed was wrong in initially thinking inflation was "transitory". Its next decision meeting is planned for March 21-22. The EU struck a deal to cut final energy consumption across the bloc by 11.7% by 2030, a goal lawmakers said would help fight climate change and curb Europe's use of Russian fossil fuels.
Natural gas futures are down in early trading, sliding to a two-week low on forecasts for less cold weather and lower heating demand over the next two weeks than previously expected.
Interior delays 5-year offshore drilling plan until Dec.
In court documents filed this week, the Interior Department said it will take until December to finalize...
In court documents filed this week, the Interior Department said it will take until December to finalize a five-year plan for offshore oil and natural gas development in federal waters, drawing fire from Sen. Joe Manchin, D-W.Va., the American Petroleum Institute and oil industry executives. API had asked the US Court of Appeals for the D.C. Circuit to give the department until Sept. 30 to complete the long-delayed program, but department officials claim additional time is needed to review public comments and conduct analyses.
US Clean Energy Launches Clean Energy Platform, Adds US Solar to Portfolio
US Clean Energy LLC (USCE) announced on March 9 the launch of a clean energy platform to address the...
US Clean Energy LLC (USCE) announced on March 9 the launch of a clean energy platform to address the growing need for clean energy infrastructure, capital, and technology, according to a press release. The platform plans to support the energy transition through investment in projects, joint ventures, acquisitions, and partnerships.
As part of the transactions underlying USCE’s platform launch, US Solar has become USCE’s first operating business. The press release did not specify any details of the transaction.
Saudi Arabia and Iran Agree to Re-establish Ties in Major Regional Shift
Saudi Arabia and Iran reached an agreement that paves the way for the re-establishment of diplomatic...
Saudi Arabia and Iran reached an agreement that paves the way for the re-establishment of diplomatic ties after a seven-year split, a major realignment between regional rivals, the countries said Friday in a joint statement.
Saudi and Iranian officials announced the agreement after talks hosted this week in China, which maintains close ties with both countries, according to the statement, which was published by the official Saudi Press Agency. Iran’s state media also announced an agreement.
