Dow ends higher Friday as U.S. stocks log best week since November
U.S. stocks closed higher Friday to book their best weekly...
U.S. stocks closed higher Friday to book their best weekly advance since November.
Strong retail sales data Thursday helped offset concerns about pockets of potential weakness in the U.S. economy. The rally had stocks back on the doorstep of record territory and investors eager to hear more from Federal Reserve Chair Jerome Powell at next week's economic summit in Jackson Hole, Wyo.
The Dow Jones Industrial Average added 96.70 points, or 0.2%, ending at 40,659.76, while the S&P 500 gained 11.03 points, or 0.2%, closing at 5,554.25. The Nasdaq Composite gained 37.22 points, or 0.2%, finishing at 17,631.75
Here's the weekly recap:
According to Dow Jones Market Data, the Dow gained 2.9%, the S&P 500 rose 3.9%, and the Nasdaq climbed 5.3%. Each logged its biggest weekly advance since November.
The Dow and S&P 500 finished less than 2% from their previous record closes.
CrownRock Offloads Oxy Shares Two Weeks After Closing $12B Deal
Fresh off a $12 billion cash-and-stock deal...
Fresh off a $12 billion cash-and-stock deal with Occidental Petroleum, CrownRock LP owners are taking their shares to the market quickly.
Occidental reported that about 29.56 million shares of its common stock were offered for sale and that the offering closed on Aug. 14. The shares being sold are held directly by CrownRock Holdings LP and Midland, Texas-based general partner CrownRock Holdings GP LLC.
Jonathan Farber, J. McLane, Timothy M. Dunn and Robert W. Floyd are the directors of CrownRock Holdings GP.
Fury Resources Lowers Offer for Permian E&P Battalion by 29%
Permian producer Battalion Oil is reviewing...
Permian producer Battalion Oil is reviewing an amendment to Fury Resources' planned acquisition that would lower the deal’s purchase price by nearly 29% per share.
Battalion said Fury’s amendment to the original merger agreement, announced in December, would reduce the amount of merger consideration payable to Battalion’s stockholders from $9.80 per share to $7 per share, the company reported in second-quarter earnings on Aug. 14.
“The modified offer is contingent on the existing holders of the company's Series A through Series A-4 preferred equity rolling 100% of their preferred equity into new preferred equity in the surviving company following the merger in order to help support the transaction,” Battalion wrote in a filing.
Europe receiving record volumes of US diesel, gasoil
Diesel and gasoil exports from the US Gulf Coast to Northwest Europe...
Diesel and gasoil exports from the US Gulf Coast to Northwest Europe and the Mediterranean are on track to hit a record this month after climbing to an all-time high of 11.2 million barrels in July, according to S&P Global Commodities at Sea data. Low freight rates, favorable prices and constrained domestic arbitrage opportunities are fueling the export boom.
RRC faces backlash over orphan well blowouts, leaks
The Railroad Commission of Texas is facing criticism over inadequate...
The Railroad Commission of Texas is facing criticism over inadequate oversight of abandoned oil wells, which are reactivating and causing environmental hazards that landowners say the regulator is slow to address. A recent Southern Methodist University study linked a major 2022 orphan well blowout to increased underground pressure from nearby wastewater injection operations, and critics say poor well-plugging practices and lax enforcement are exacerbating the problem.
