MarketWatch: Dow ends up over 400 points, Nasdaq up 3.8% Friday, but still see weekly decline
U.S. stocks finished higher Friday, but with the Dow still ending the seventh week in...
U.S. stocks finished higher Friday, but with the Dow still ending the seventh week in a row lower, as investors worried about the Federal Reserve's ability to tamp down high inflation without kicking the economy into a recession. The Dow Jones Industrial Average DJIA, +1.47% gained about 465 points Friday, or 1.5%, ending near 32,196. The S&P 500 index SPX, +2.39% gained 2.4%, after coming close to entering a bear-market territory on Thursday, and the Nasdaq Composite Index COM, +0.72% jumped 3.8%. The bounce heading into the weekend still wasn't enough to erase sharp earlier losses. The Dow ended the week 2.1% lower for a seventh week in a row, tallying its sharpest 7-week percentage point plunge since April 24, 2020, according to Dow Jones Market Data. The S&P 500 lost 2.4% for the week and the Nasdaq shed 2.8% since Monday.
US gas production to grow faster this summer than last
A new report from the Natural Gas Supply Association projects that US natural gas production...
A new report from the Natural Gas Supply Association projects that US natural gas production will be 3.6 billion cubic feet per day greater this summer than last, exceeding demand growth by 1 Bcf/d. Market conditions are likely to "remain in a tight balance this summer, resulting in upward pressure on natural gas prices compared to last summer's average of $3.85/MMBtu" at the Henry Hub, the association said.
While it reported a first-quarter 2022 net loss of $241 million, Ovintiv Inc. still...
While it reported a first-quarter 2022 net loss of $241 million, Ovintiv Inc. still managed a 25% increase in its quarterly dividend. And it plans more drilling activity in Oklahoma.
Look for Ovintiv to be active in Oklahoma as the company stated it expects to spend $350 to $400 million in the Anadarko Basin. Much of the firm’s activity in the Anadarko was in the STACK play where it reported major producers in Kingfisher County.
Ovintiv had average production in the Anadarko of 120 MBOE/d with 61% liquids in the first quarter. It averaged three gross rigs, drilled 13 net wells and had 18 net wells turned in line. During the quarter, Ovintiv also completed four wells in the Anadarko with a lateral length greater than 15,000 feet.
🔥From Twitter: Musk deal to buy Twitter temporarily on hold
Breaking this morning: Elon Musk tweeted early Friday that his deal to buy Twitter is "temporarily...
Breaking this morning: Elon Musk tweeted early Friday that his deal to buy Twitter is "temporarily on hold."Musk made the announcement after the social network reported that fake accounts represent less than 5% of its users. Twitter's stock price plunged 25% in premarket trading.
Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of usershttps://t.co/Y2t0QMuuyn
Siemens to leave Russia due to Ukraine war, take hefty charge
ZURICH (Reuters) -Siemens will quit the Russian market due to the war in Ukraine, it...
ZURICH (Reuters) -Siemens will quit the Russian market due to the war in Ukraine, it said on Thursday, taking a 600 million euro ($630 million) hit to its business during the second quarter, with more costs to come.
The German industrial and technology group became the latest multinational to announce losses linked to its decision to leave Russia following the Feb. 24 invasion.
The Munich company employs 3,000 people in Russia, where it has been active for 170 years. It first went to Russia in 1851 to deliver devices for the telegraph line between Moscow and St Petersburg.
