Dow closes at new record as U.S. stocks gain despite looming government shutdown
U.S. stocks finished modestly higher on Tuesday to close...
U.S. stocks finished modestly higher on Tuesday to close out an unusually strong September in light of the Federal Reserve's first interest-rate cut in nine months and a fresh wave of artificial-intelligence frenzy.
The Dow Jones Industrial Average rose 0.2% to end near 46,397 — booking a new record-high close and surpassing its previous closing high from Sept. 22. For the month, the blue-chip index was up 1.9%, according to preliminary data from FactSet.
The S&P 500 was up over 0.4%, ending at around 6,688. The large-cap benchmark index gained 3.5% this month, its best September in 15 years, according to Dow Jones Market Data.
The Nasdaq Composite popped 0.3%, to finish at around 22,660. The tech-heavy index advanced 5.6% in September.
U.S. consumer confidence falls to lowest level since April
Consumer confidence fell sharply in September on growing...
Consumer confidence fell sharply in September on growing worries about the labor market.
The consumer-confidence index dropped to 94.2 in September from a revised 97.8 in the prior month,the Conference Board said Tuesday. This is the lowest level since April.
Economists polled by the Wall Street Journal had forecast the index to slip to 96.0 in September from the initial estimate of 97.4 in August.
Consumers’ assessment of the availability of jobs fell for the ninth straight month.
Key details: A measure that assesses consumers' current economic sentiment dropped 7 points to 125.4. That’s the most significant drop in a year.
A confidence gauge that looks six months ahead dropped by 1.3 points to 73.4. Since February, the expectations index has been below the threshold of 80, which has traditionally been seen as a signal of recession.
Economists focus on labor-market conditions by measuring the spread between the percentage of consumers who think jobs are plentiful and the percentage who think jobs are hard to get.
That spread, known as the labor-market differential, has narrowed for nine consecutive months and is now at a multi-year low of 7.8.
Canadian Natural Gas Prices Sink Into Record Negative Territory
Canadian natural gas prices took a...
Canadian natural gas prices took a beating in the last week of September, as prices fell into negative territory at record-low levels.
Canada’s natural gas benchmark, AECO, closed in negative territory for seven days in a row from Sept. 11 to Sept. 28. The price remained at about negative CA$0.80/gigajoule (US$0.57) after the market closed Sept. 26.
E&Ps had increased production and rapidly filled the available natural gas storage. Now they are lowering production.
Domestically, warmer-than-usual weather in Canada has led to reduced seasonal demand for natural gas for heating and power generation. At the same time, maintenance projects have restricted the flow of gas out of Alberta, according to a report published by Jefferies analysts on September 25.
Ares Buys Meade’s Central Penn Pipeline in $1.1B Deal with NextEra’s XPLR
Ares Management acquired...
Ares Management acquired Meade Pipeline Co. from affiliates of XPLR Infrastructure for approximately $1.1 billion in cash, the company announced Sept. 29.
Meade owns approximately 40% of the Central Penn Line, a 180-mile Federal Energy Regulatory Commission (FERC)-regulated natural gas pipeline linking northeastern Pennsylvania production to hubs in the Northeast, Mid-Atlantic and Southeast through Williams Cos.’ Transcontinental Gas Pipeline system.
XPLR is an independent power producer formed by NextEra Energy.
The government will probably shut down at midnight
With the shutdown deadline looming, a meeting yesterday between President...
With the shutdown deadline looming, a meeting yesterday between President Trump and congressional leaders from both parties yielded no breakthrough on a deal to keep the government running once its current funding runs out. Democrats are demanding a budget that extends key Obamacare subsidies, and Senate Minority Leader Chuck Schumer said that “large differences” remained between the parties after the meeting. Both sides are blaming the other for the stalemate: House Minority Leader Hakeem Jeffries said Democrats would not support a budget that “continues to gut the health care of everyday Americans,” while Vice President JD Vance said, “We’re headed to a shutdown because the Democrats won’t do the right thing.”
