Commercial real-estate prices could tumble 10% from their peak and defaults are sure to increase,...
Commercial real-estate prices could tumble 10% from their peak and defaults are sure to increase, Moody's chief economist said. Higher interest rates, a credit crunch, and waning demand for office buildings are all working against the sector, in his view. Read more.
US stock futures rise early Thursday, as investors await the weekly jobless claims report...
US stock futures rise early Thursday, as investors await the weekly jobless claims report to measure the strength of the labor market. Meanwhile, the Philadelphia Fed's manufacturing survey numbers for May are also due out later today. Check out the latest market moves.
Earnings on deck: Walmart, Alibaba, and Charles Schwab, all reporting.
Crude oil prices rebounded today with gains for the day including a $2...
Crude oil prices rebounded today with gains for the day including a $2 jump for crude oil. The nearly 3% gain in crude oil came about due to increased optimism over oil demand and U.S. debt ceiling negotiations, which also drove the stock market higher.
West Texas Intermediate crude rose $1.97 a barrel or 2.8% to $72.83 on the New York Mercantile Exchange.
Global benchmark Brent crude gained $2.05 or 2.7% and closed at $76.96 on ICE Futures Europe.
June natural gas fell 1 cent to $2.37 per 1,000 cubic feet.
Dow finishes up 400 points on optimism over debt-ceiling talks
U.S. stocks ended sharply higher Wednesday, as investors appeared...
U.S. stocks ended sharply higher Wednesday, as investors appeared encouraged by President Joe Biden’s remarks concerning the debt-ceiling debate. The Dow Jones Industrial Average DJIA closed around 400 points, or 1.2%, higher, while the S&P 500SPX, climbed 1.2% and the technology-heavy Nasdaq CompositeCOMP gained 1.3%, according to preliminary data from FactSet. “I’m confident that we’ll get the agreement on the budget, and America will not default,” Biden said Wednesday during a brief speech at the White House. Treasury Secretary Janet Yellen has warned the U.S. could run out of cash as soon as June 1 if Congress fails to raise the debt ceiling.
Canada’s Baytex Energy Corp. continues to make progress toward closing its acquisition of Eagle...
Canada’s Baytex Energy Corp. continues to make progress toward closing its acquisition of Eagle Ford E&P Ranger Oil Corp.
Baytex reported on May 15 that shareholders had approved the deal, a cash and stock transaction valued at $2.5 billion. Baytex said that the holders of 95.45% of shares voted in favor of the purchase, according to a press release.
Baytex said the merger is expected to close late in the second quarter of 2023 or early in the third quarter, subject to the satisfaction of customary closing conditions, including receipt of requisite regulatory approvals and Ranger shareholder approval.
