Dow sheds almost 390 points, posts worst day since March
U.S. stocks closed sharply lower Tuesday, with the Dow booking...
U.S. stocks closed sharply lower Tuesday, with the Dow booking its worst daily drop since the March banking crisis as the rout in equities resumed.
The Dow Jones Industrial AverageDJIA shed about 388 points, or 1.1%, ending near 33,618. That cemented the Dow’s biggest daily percentage drop since March 22. It also finished below its 200-day moving average, which matters for investors because it signals a break in an upward trend for the index. The Dow last broke below the same support level on May 25. Losses were even sharper for the S&P 500 Index,SPX which fell 1.5%, and for the Nasdaq Composite Index, COMP, -1.57% which shed 1.6%.
The 10-year Treasury yieldTMUBMUSD10Y, 4.553% was at 4.558%, the highest since October 2007, pushing up costs of funding in the U.S. economy.
Devon, Oxy CEOs share insights into production plans
Easing oilfield inflation will allow Devon Energy...
Easing oilfield inflation will allow Devon Energy to reduce spending on sustaining oil and natural gas production next year, although labor constraints present an ongoing hurdle, said CEO Rick Muncrief. Meanwhile, Occidental Petroleumplans to hold steady on production despite surging oil prices because the market is unbalanced, according to CEO Vicki Hollub.
Hamm: Oil and gas here to stay, but policy stability needed
The world will continue to rely on oil and gas over the next century, predicted ...
The world will continue to rely on oil and gas over the next century, predicted Continental Resources Chairman Harold Hamm as he called for more consistent and enduring energy policies. Speaking at the American Energy Security Summit, Hamm cautioned that a lack of policy support for new drilling could push oil prices to $120 to $150 per barrel, potentially upending the energy system.
As the oil industry celebrated a century since the Permian...
As the oil industry celebrated a century since the Permian Basin's first discovery, industry leaders convened at the West Texas Geological Society's fall symposium to chart the course ahead. Discussions centered on unlocking new opportunities, overcoming capital barriers, attracting and nurturing talent, and devising effective solutions for managing produced water. Full Story: Midland Reporter-Telegram
U.S. stocks open lower Tuesday as government-shutdown worries intensify
U.S. stocks opened lower Tuesday amid worries over a potential government shutdown and higher Treasury...
U.S. stocks opened lower Tuesday amid worries over a potential government shutdown and higher Treasury yields. The Dow Jones Industrial Average DJIA, -0.50% was down 0.6% soon after the opening bell, while the S&P 500 SPX, -0.80% shed 0.7% and the Nasdaq Composite COMP, -0.90% dropped 0.7%, according to FactSet data, at last check. Investors are watching for Congress to pass a budget by Saturday or risk a U.S. government shutdown. Moody’s has said that a shutdown “would demonstrate the significant constraints that intensifying political polarization put on fiscal policymaking at a time of declining fiscal strength, driven by widening fiscal deficits and deteriorating debt affordability.
