U.S. stocks close higher Friday, score biggest weekly gains in about a year
U.S. stocks closed sharply higher Friday, extending a monster rally in equities that saw the big three...
U.S. stocks closed sharply higher Friday, extending a monster rally in equities that saw the big three indexes sweep to their biggest weekly gains of 2023. The Dow Jones Industrial Average DJIA rose about 222 points, or 0.7%, ending near 34,061 on Friday to score a 5.1% weekly gain.
The S&P 500 index SPX gained 0.9% Friday and 5.9% for the week, while the Nasdaq Composite Index COMP climbed 1.4% for a 6.6% weekly gain. Stocks rallied Friday after an October jobs report suggested some softening in what has been a robust labor market despite the Federal Reserve’s dramatic rate hikes to fight inflation. That reignited hopes that the Fed might make a policy pivot to a regime of lower interest rates next year, after tough talk in recent months on the need to likely keep them elevated for longer than earlier anticipated.
Chesapeake Energy cites personal best drilling record
Chesapeake Energy said this week it recorded the fastest drilling program performance...
Chesapeake Energy said this week it recorded the fastest drilling program performance of all time in its operations in the Marcellus play. The company averaged 1,367 feet a day during the third quarter and it also included four of the top 10 longest laterals in company history.
It also stated that year-to-date, the firm had acquired 34,000 additional net lease acresin the Marcellusand Haynesvilleplays. The average cost was $1,500 per acre.
The company expects to drill 35 – 45 wells and place 50 – 60 wells on production in the fourth quarter of 2023.The company’s operating plan remains flexible, as illustrated by the deferral of third quarter turn to lines in the Marcellus, and is prepared for further adjustments based on market conditions, stated the firm in its 3Q report.
Employers added 150,000 jobs in October on a seasonally adjusted basis, the Labor...
Employers added 150,000 jobs in October on a seasonally adjusted basis, the Labor Department said on Friday.
The increase was slightly below what economists had forecast, but not too different from the sort of monthly jobs growth the U.S. economy was experiencing prepandemic.
🔔 Before the opening bell:US stock futures fell early Friday, after Apple's sales forecast fell short of expectations in the latest quarter.
Jamie Dimon says the Fed isn’t done hiking rates. The JPMorgan boss suspects another rate hike — by 0.25 percentage point to 0.75 percentage point — could still be in the cards. He also said the markets could see more turmoil amid the Fed’s fight against inflation.
The Bond King’s bummer of an economic outlook.Veteran bond investor Jeff Gundlachis adamant the US economy is headed toward a recession. The yield curve is “extremely unstable,” and Gundlach believes “layoffs are coming” next.
Average US 30-year fixed mortgage rate falls to 7.76%, the first drop in seven weeks (More) | StarbuckstopsQ3 expectations, with sales growth driven by US consumers (More)
A bittersweet goodbye: “If I make it through, it’s all because of you,” John Lennon sings on “Now...
A bittersweet goodbye: “If I make it through, it’s all because of you,” John Lennon sings on “Now and Then,” a new Beatles song released yesterday. The voice is authentically Lennon’s — he recorded it on a cassette tape not long before his death. George Harrison recorded a guitar part in the 1990s, and Ringo Starr and Paul McCartney recently completed the song, using technology from the filmmaker Peter Jackson to extract Lennon’s voice from the tape. You can hear it here.
Secretary of State Antony Blinken is headed to Israel for a visit that will focus on “concrete steps” the Israeli military should take to better protect Palestinian civilians, who face a growing humanitarian crisis in Gaza.
CBS said it’s “virtually sold out” of 2024 Super Bowl ad inventory much earlier than usual.
Bob Goldberg, the CEO of the National Association of Realtors, announced his resignation a day after a federal jury found the group liable for conspiring to artificially inflate commissions from home sales.
Uber and Lyft will pay New York drivers a combined $328 million and give them a minimum wage in order to settle claims of wage theft.
The NBA’s inaugural in-season tournament starts today and runs through Dec. 9.
