U.S. stocks rebound Friday, but Dow still books its worst week of the year
U.S. stocks closed higher Friday, as investors weighed new data showing...
U.S. stocks closed higher Friday, as investors weighed new data showing the economy added more jobs than expected in March, but major indexes still finished down for the week.
The Dow Jones Industrial Average rose 307.06 points, or 0.8%, to close at 38,904.04.
The S&P 500 gained 57.13 points, or 1.1%, to finish at 5,204.34.
The technology-heavy Nasdaq Composite added 199.44 points, or 1.2%, to end at 16,248.52.
For the week, the Dow dropped 2.3%, the S&P 500 shed 1% and the Nasdaq fell 0.8%. The Dow suffered its biggest weekly percentage drop since March 2023, with the U.S. stock market struggling to start April after a strong first quarter.
Benchmark U.S. crude oil for May delivery rose 32 cents to $86.91 per barrel Friday. Brent crude for June delivery rose 52 cents to $91.17 per barrel.
Wholesale gasoline for May delivery was unchangedat $2.79 a gallon. May heating oilrose 3 centsto $2.77 a gallon. May natural gasrose 2 cents to $1.79 per 1,000 cubic feet.
The Energy Department announced it won't award oil supply contracts...
The Energy Department announced it won't award oil supply contracts for Bayou Choctaw Strategic Petroleum Reserve in Louisiana in August and September due to high oil prices. The DOE had set its purchase price at $79 per barrel or below and had planned to buy 3 million barrels for the reserve site.
Drought in western Canada spills over to oil fields
Four years of drought is creating problems for oil drilling in western...
Four years of drought is creating problems for oil drilling in western Canada, which has resulted in restrictions and bans on using municipal water supplies for oil fields. "Oil and natural gas companies are actively increasing use of alternative water sources such as low-quality groundwater, municipal wastewater, and recycled produced water to reduce fresh water needs," said Richard Wong of the Canadian Association of Petroleum Producers.
Almost 700,000 customers were without power across the Northeast yesterday as a powerful storm system brought high winds and more than 2 feet of snow to some locations in the region. Three people were killed in separate incidents after trees fell on their vehicles.
Meteorologists said the storm was the biggest April nor'easter to hit the area since 2020. The weather phenomenon occurs when Arctic air carried southward from Canada by the jet stream meets warmer, moist air off the Atlantic coast. See a video from the Massachusetts coast here, along with photos from the upper Northeast.