Dow ends up about 750 points Friday as U.S. stocks notch best week since June
Stocks rose sharply Friday, ending near session highs...
Stocks rose sharply Friday, ending near session highsand posting strong weekly gains as investors weighed the potential for the Federal Reserve to slow down the pace of rate hikes after an expected 75 basis point rise in November.
The Dow Jones Industrial Average booked a gain of nearly 750 points, or 2.5%, while the S&P 500 rallied 2.4% and the Nasdaq Composite jumped 2.3%. For the week, the Dow advanced 4.9%, the S&P 500 advanced 4.7% and the Nasdaq saw a 5.2% rise.
Analysts are sounding the alarm on the housing market, ...
Analysts are sounding the alarm on the housing market, warning that home prices could fall as much as 20%. The forecast comes after existing home sales fell for the eighth straight month in September, the longest slump since 2007.
"The eighth straight drop in existing home sales takes the cumulative fall from the January peak to 27%, but this is not the floor. The surge in mortgage rates to nearly 7% over the past few weeks has triggered a further drop in mortgage demand, and we expect home sales to keep falling until early next year," the analyst Ian Shepherdson said.
Meanwhile, prices for existing homes have fallen on a sequential basis for three straight months, sending the median price to $384,800 — the lowest since March.
Baker Hughes eyes recovery after consecutive losses
Baker Hughes logged a $17-million loss in the July-September...
Baker Hughes logged a $17-million loss in the July-September period, the second consecutive quarterly loss, attributed to supply chain and inflation pressures and its exit from Russia. However, the company is undergoing an organizational restructuring and executive reshuffle that may generate more than $150 million in cost savings and help "sharpen our focus, improve operational execution and better position Baker Hughes to capitalize on the quickly changing energy markets," said CEO Lorenzo Simonelli.
Caribbean natural gas producer and LNG exporter Trinidad and...
Caribbean natural gas producer and LNG exporter Trinidad and Tobago has unused liquefaction capacity at its Atlantic LNG export plant but lacks gas to fulfill that capacity, the country’s Minister of Energy and Energy Industries Stuart Young said during the Hydrogen Americas Summit.
The island’s gas production is used to feed LNG, ammonia and methanol production. However, its four-train 14.8 million ton per annum (mtpa) Atlantic LNG export plant has been operating without the 3 mtpa capacity Train 1 since December 2020.
Exxon Mobil Sells Montana Oil Refinery for $310 Million
Exxon Mobil Corp. is moving forward with the sale of the Billings...
Exxon Mobil Corp. is moving forward with the sale of the Billings oil refinery in Montana, which it has operated since 1949.
In an Oct. 20 release, Exxon Mobil said it had reached an agreement with Houston-based Par Pacific Holdings Inc. for the sale of the Billings refinery and select midstream assets in Montana and Washington. Par Pacific separately listed the base purchase price of the transaction at $310 million “plus hydrocarbon and other inventory to be valued at closing.”
For Exxon Mobil, the sale ends a year-long effort by the U.S. oil giant to further reduce its refining footprint and concentrate production on plants along the U.S. Gulf Coast and in the Midwest. It also has been selling oil-producing properties to boost returns.
