Dow skids nearly 900 points as inflation hits 40-year high
All three major U.S. stock benchmarks closed sharply lower Friday, each suffering their biggest weekly...
All three major U.S. stock benchmarks closed sharply lower Friday, each suffering their biggest weekly loss since January, after inflation data for May came in much hotter than expected.
The Dow Jones Industrial Average DJIA dropped 880 points, or 2.7%, to close at 31,392.79.
The S&P 500 SPX slid 116.96 points, or 2.9%, to finish at 3,900.86.
The Nasdaq Composite COMP slumped 414.20 points, or 3.5%, to end at 11,340.02.
For the week, the Dow dropped 4.6%, the S&P 500 slid 5.1% and the Nasdaq tumbled 5.6%. All three major benchmarks book a second straight week of declines and their biggest weekly loss since January, according to Dow Jones Market Data
U.S. Midwest may have summer power shortages for years
The power grid operator in the Central United States warned on Friday that problems it may experience...
The power grid operator in the Central United States warned on Friday that problems it may experience keeping the lights on this summer could also occur during the summers of 2023, 2024, and beyond.
The region's grid operator, Midcontinent Independent System Operator (MISO), has already warned of potential capacity shortfalls and other reliability concerns in parts of its territory this summer.
MISO operates the grid for some 42 million people in 15 U.S. central states from Minnesota to Louisiana and the Canadian province of Manitoba.
On Friday, MISO released a survey showing it could have a potential capacity deficit of 2.6 gigawatts (GW) during the summer of 2023 depending on market responses over the next year.
Colo. fracking chemicals disclosure bill signed into law
Colorado Gov. Jared Polis has signed legislation that mandates the disclosure of chemicals used in hydraulic...
Colorado Gov. Jared Polis has signed legislation that mandates the disclosure of chemicals used in hydraulic fracturing fluids and requires manufacturers and end-users to declare that the fluids do not contain intentionally added per- and polyfluoroalkyl chemicals, although trade-secret exemptions may be granted. American Petroleum Institute-Colorado Executive Director Lynn Granger partly opposes the bill, noting that the state database for chemical disclosure is duplicative and underfunded.
As gas prices hit $5 per gallon, IRS makes mileage deduction for fuel costs more generous in rare midyear move
The federal tax deduction that businesses and self-employed taxpayers can use for their work-related...
The federal tax deduction that businesses and self-employed taxpayers can use for their work-related miles on the road is suddenly getting more generous, in a nod to gas prices that keep breaking records.
The optional standard mileage rate for business-related driving is increasing to 62.5 cents a mile, starting in July, the Internal Revenue Service announced Thursday.
MarketWatch-Need to Know: Stock-market futures take turn for worse after inflation data
The numbers: The cost of living jumped 1% in May on the back of higher rents, gas and...
The numbers: The cost of living jumped 1% in May on the back of higher rents, gas and food prices, keeping the rate of U.S. inflation at a 40-year high.
The increase in the consumer price index in May was more than triple the gain in the prior month. Economists polled by The Wall Street Journal had forecast a 0.7% advance.
The sharp increase in prices in May, and another likely strong reading in June, is sure to keep pressure on the Fed to stay aggressive. Speculation about a rate-hike “pause” in the fall looks farfetched.
