U.S. stocks finish higher, snapping three-day losing streak
U.S. stocks finished modestly higher Wednesday, with all three major stock benchmarks...
U.S. stocks finished modestly higher Wednesday, with all three major stock benchmarks ending a 3-session skid, as investors picked up shares after a sharp market selloff earlier this week. The Dow Jones Industrial Average DJIA, +0.18% rose about 61 points, or 0.2%, ending near 32,970, while the S&P 500 index SPX, +0.29% closed up 0.3% and the Nasdaq Composite Index COMP, +0.41% advanced 0.4%. Stocks booked modest gains as investors remained focused on the Federal Reserve's inflation fight and Fed Chairman Jerome Powell's speech at the Jackson Hole, Wyo. symposium on Friday. Recession worries also were in focus, with pending home sales falling in July, a sign that rate hikes have been helping cool demand, even though shelter costs, specifically rents, have contributed to high U.S. inflation.
US Crude, Fuel Stockpiles Shrink While Gasoline Demand Drops: EIA
U.S. crude and fuel inventories fell last week, the Energy Information Administration (EIA) said on Aug....
U.S. crude and fuel inventories fell last week, the Energy Information Administration (EIA) said on Aug. 24, while weakening gasoline consumption fanned concerns about slowing demand.
Crude inventories fell by 3.3 million barrels in the week to Aug. 19 to 421.7 million barrels, compared with analysts’ expectations in a Reuters poll for a 933,000-barrel drop.
The inventory decline would have been larger if not for another big release of barrels from U.S. Strategic Petroleum Reserve (SPR). The U.S. released more than 8 million barrels from the SPR last week, offsetting a drop in production and a modest uptick in refining activity.
U.S. durable-goods orders unchanged in July, missing economists’ forecast
The numbers: Orders at U.S. factories for long-lasting goods fell flat in July because...
The numbers: Orders at U.S. factories for long-lasting goods fell flat in July because of a big drop military contracts, but a key weathervane of business investment rose in a somewhat positive sign the economy.
Economists polled by the Wall Street Journal had forecast a 1% increase in orders for goods meant to last at least three years. These include cars, appliances, computers, and so forth. More important, another measure of business spending rose 0.4% last month, the government said.
These so-called core orders are viewed as a signal of whether the future path for businesses and the broader economy are good or bad. They strip out the volatile transportation sector as well as government spending on the military.
Big picture: Manufacturers are feeling the brunt of rising interest rates and high inflation as customers scale back. And they also confronting ongoing shortages of supplies and labor that have hindered production for the past year and a half.
Energy Department figures show that oil inventories in the Strategic Petroleum Reserve declined by 8.1...
Energy Department figures show that oil inventories in the Strategic Petroleum Reserve declined by 8.1 million barrels to 453.1 million barrels last week, hitting the lowest level since January 1985. Sales mandated by Congress and President Joe Biden's plan to release 1 million barrels per day from the SPR over six months have contributed to the decline.
LNG tankers in high demand as trade patterns shift
The liquefied natural gas tanker market is under strain as Europe's rush to secure natural gas supplies...
The liquefied natural gas tanker market is under strain as Europe's rush to secure natural gas supplies before winter is heightening competition for ships, pushing LNG prices and daily rates to charter existing tankers higher. Traders are responding to the demand surge with $24.1 billion worth of orders for new LNG tankers placed so far this year, surpassing the 2021 full-year record of $15.6 billion, according to Stephen Gordon of shipping firm Clarkson.
