Dow ends down nearly 500 points Friday, off 4% for week as recession fears mount
Stocks ended with sharp declines, but off session lows, with...
Stocks ended with sharp declines, but off session lows, with the Dow Jones Industrial Average averting a bear market as it posted its lowest close of 2022. Equities fell sharply as government bond yields soared following the Federal Reserve's rate increase and tightening by other central banks and as the U.S. dollar soared versus major rivals. The Dow DJIA, -1.62% ended around 486 points lower, down 1.6%, near 29,590, according to preliminary figures. The Dow fell more than 800 points at its session low and temporarily traded below the threshold that would have seen the blue-chip gauge fall into a bear market. The S&P 500 SPX, -1.72% fell 1.7% to end near 3,693, after trading below its June 16 closing low of 3,666.77, during the session. The Nasdaq Composite COMP, -1.80% shed 1.8% to finish near 10,868.
US Drillers Add Oil Rigs for Second Consecutive Week
U.S. energy firms this week added oil and natural gas rigs for...
U.S. energy firms this week added oil and natural gas rigs for a second week in a roweven as the rig count was on track to fall for a second consecutive month as supply chain disruptions and inflation continue to roil production.
The total oil and gas rig count, an early indicator of future output, rose one to 764 in the week to Sept. 23, energy services firm Baker Hughes Co. said in its closely followed report.
Baker Hughes said that puts the total rig count up 243, or 47%, over this time last year.
U.S. oil rigs rose three to 602 this week, while gas rigsfell two to 160.
The total rig count fell in August and was on track to fall again in September after rising for a record 24 months in a row.
Silver Hill Energy Partners Closes $1.02 Billion Fund
Silver Hill Energy Partners LP closed the franchise’s...
Silver Hill Energy Partners LPclosed the franchise’s third partnership and first institutional private equity fund representing total capital commitments of $1.02 billion, according to a recent release from the Dallas-based firm.
The formation of Silver Hill III followed the successful merger of Silver Hill I and II’s upstream assetsinto RSP Permian in 2017 for $2.5 billion in cash and stock. RSP Permian later sold to Concho Resources, which has since been acquired by ConocoPhillips Co. in a $13.3 billion transaction in early 2021.
The UK lifted its ban on fracking to pursue energy independence as power bills soar, but experts say it's unlikely to help the energy crisis this winter
The UK temporarily banned fracking in 2019 due to concerns about earth tremors from this process of extracting...
The UK temporarily banned fracking in 2019 due to concerns about earth tremors from this process of extracting shale gas.
