U.S. stocks closed higher Tuesday in a choppy session after a...
U.S. stocks closed higher Tuesday in a choppy session after a gauge of consumer prices showed inflation continued to retreat from its June peak. The Dow Jones Industrial Average DJIA, rose about 105 points, or 0.3%, ending near 34,110, according to FactSet, after initially climbing about 700 points in early trade. The S&P 500 index SPX, gained 0.7% and the Nasdaq Composite Index COMP, advanced 1%. The latest consumer-price index for November showed annual inflation slowed to 7.1% from 7.7% a month before, adding to the retreat in the cost of living from a pandemic peak of 9.1% in June. Lower inflation, though still painfully high, gave more hope to investors that the Federal Reserve might be able to increase rates at a less dramatic pace than earlier in 2022, while potentially pausing at a "terminal," or peak, a rate that produces a soft-ish landing for the U.S. economy. Bond yields fell Tuesday after the inflation reading, with the 10-year Treasury rate tumbling 11.1 basis points to 3.5%, the biggest daily yield decline for the benchmark rate since Dec. 1, according to Dow Jones Market Data. The focus remains on Wednesday's Fed rate decision, with expectations running high for a 50 basis point increase, a step down from the recent series of four 75 basis point hikes.
Drilling can take place again in polluted Pa. village
The Pennsylvania Department of Environmental Protection ended its moratorium on natural gas drilling...
The Pennsylvania Department of Environmental Protection ended its moratorium on natural gas drilling in the village of Dimock as part of an agreement with producer Coterra Energy, which last month pleaded no contest in a criminal water pollution case stemming from accusations that its wells leaked flammable methane into Dimock's aquifer. The move angered residents, who fear new drilling will bring about more leaks and problems.
The Energy Information Administration on Monday reported that the US inventory of drilled-but-uncompleted...
The Energy Information Administration on Monday reported that the US inventory of drilled-but-uncompleted oil and natural gas wells climbed by 22, month over month to 4,443 in November. It was the second consecutive monthly increase in the DUC well count after 27 months of declines.
Pharmaceutical company Amgen Inc. agreed to buy rare disease drug manufacturer Horizon Therapeutics yesterday for close to $28B in cash at $116.50 a share, the largest US healthcare acquisition this year. The deal is expected to be complete by mid-2023.
Amgen beat out both Johnson & Johnson and Sanofi in a monthlong bidding competition for the fast-growing drug producer. It is Amgen's second acquisition since October when it purchased ChemoCentryx for $3.7B
CPI shows U.S. core consumer inflation in November was coolest since August 2021
The numbers: The cost of living rose a scant 0.1% in November, the latest in a string...
The numbers: The cost of living rose a scant 0.1% in November, the latest in a string of mild readings that suggest the worst U.S. inflation in 40 years is receding.
Economists polled by The Wall Street Journal had forecast a 0.3% increase in the consumer price index. Falling gas prices have helped tug inflation lower since last summer.
The annual rate of inflation, meanwhile, fell to 7.1 % from 7.7% in the prior month, marking the lowest level since the end of 2021. Inflation peaked at 9.1% in June.
