Dow ends 270 points higher, Nasdaq closes flat on upbeat economic data
U.S. stocks ended mostly higher Thursday, getting a boost from...
U.S. stocks ended mostly higher Thursday, getting a boost from the financial sector, on positive tones from the banking sector and the economy. The Dow Jones Industrial AverageDJIA, rose about 269 points, or 0.8%, ending near 34,122, according to preliminary FactSet data. The S&P 500 indexSPX ended 0.5% higher, while the Nasdaq Composite IndexCOMP, 0.00% closed virtually unchanged. The S&P 500’s financial sector was a standout, climbing 1.7%, a day after 23 of the nation’s biggest banks passed annual “stress tests,” designed to model their ability to withstand a severe global recession scenario. The U.S. economy also saw a revised gross domestic product reading of 2% in the first quarter. Federal Reserve Chairman Jerome Powell on Thursday also downplayed concerns that the Federal Reserve might be at risk of going too far with its rate hikes, at a meeting with other global central bankers in Spain, while also saying that coming rate decisions would be decided on a meeting-to-meeting basis.
EIA: US gas demand rose 43% since 2012, led by Texas, La.
Rising natural gas power generation and growing feedgas demand from liquefied natural gas export facilities...
Rising natural gas power generation and growing feedgas demand from liquefied natural gas export facilities drove a 43%, or 34.5 Bcf/d, increase in US gas demand between 2012 and 2022, according to the Energy Information Administration. Nearly half of that growth came from LNG hubs Louisiana and Texas, which witnessed a 116% surge in gas demand during that period.
Pandemic lessons reshape US shale industry's strategy
The US shale industry has matured and learned from the challenges faced during the pandemic, adopting...
The US shale industry has matured and learned from the challenges faced during the pandemic, adopting a more disciplined approach and prioritizing returns for investors over aggressive production growth. While US shale oil production is expected to continue rising, the pace of growth will be more modest, reflecting the industry's cautious stance and resource depletion concerns, even as demand projections remain positive.
Wildfires continue to rage in Canada, and the wind keeps blowing...
Wildfires continue to rage in Canada, and the wind keeps blowing smoke into the US. Yesterday, smoke hovered over the Midwest while also heading east. All told, air quality alerts were in effect in 20 states and applied to almost a third of the US population, according to the Washington Post. In other unpleasant outdoor conditions, the heat wave in Texas shows no signs of letting up. It’s been blamed for at least nine deaths and is straining the state’s power grid. But solar power has helped stave off blackouts.
US stock futures rise early Thursday, as investors await Powell's comments from a conference in Madrid, where he will meet with Bank of Spain Governor Pablo Hernández de Cos. Meanwhile, the Fed said 23 of the biggest US banks weathered a severe recession scenario in a stress test. Check out the latest market moves.
Earnings on deck: Nike, Paychex, and more, all reporting.
