Nasdaq closes at new record as stocks rally after Fed minutes point to rate cuts
U.S. stocks finished higher on Wednesday, with a surge...
U.S. stocks finished higher on Wednesday, with a surge in shares of Nvidia Corp. propelling the Nasdaq Composite to a fresh intraday and closing record.
The Dow Jones Industrial Average rose over 200 points, or 0.5%, to end near 44,458, according to preliminary data from FactSet.
The Nasdaq Composite was up 0.9%, to end at around 20,611, a new all-time closing high.
The S&P 500 advanced 0.6%, to finish near 6,263.
Federal Reserve minutes from the central bank's June policy meeting were a focus, hinting that rate cuts this year looked likely as of the meeting last month.
Imported fuel oil falls out of favor with US Gulf refiners
US Gulf Coast refiners' increased preference for heavy crude caused...
US Gulf Coast refiners' increased preference for heavy crude caused fuel oil imports to the region to fall to a record low of 213,000 barrels per day in June, down from 233,000 bpd month over month and 430,000 bpd in June 2024, Kpler data show. Analysts attribute the shift to higher fuel oil prices amid global supply tightness and a longer-term trend toward greater use of domestic refinery residue and medium-to-heavy crude slates.
Growing domestic output shrinks energy import share in 2024
Imports accounted for 17% of the US energy supply in 2024, the lowest...
Imports accounted for 17% of the US energy supply in 2024, the lowest level in nearly four decades and half the peak recorded in 2006, according to the Energy Information Administration, which attributes the decrease to rising domestic energy production and declining imports. The US maintained its net energy exporter status last year as several domestic energy sources, including crude oil and natural gas, set production records, the EIA noted.
Trump says the US will resume sending weapons to Ukraine
Just days after the White House announced it was pausing military aid...
Just days after the White House announced it was pausing military aid to Ukraine while the Pentagon reviewed stockpiles, President Trump said the US would in fact restart shipments to the country to help it defend itself against Russia. The Wall Street Journal reported that Trump told Ukrainian President Volodymyr Zelensky that he was not the one who ordered the pause in deliveries. The reversal comes as Russia intensifies its attacks on Kyiv and Trump grows more publicly frustrated with Vladimir Putin stonewalling attempts at a ceasefire. “He’s very nice to us all the time, but it turns out to be meaningless,” Trump said this week.
The IRS will allow churches to endorse political candidates. In...
The IRS will allow churches to endorse political candidates. In a reversal of a 70-year-old policy, the Internal Revenue Service said yesterday that it will permit churches to make endorsements from the pulpit without losing their tax-exempt status. Previously, the prevailing interpretation of the tax code barred houses of worship from keeping their tax-exempt status if they formally backed political candidates, although the rule was rarely enforced. A group of churches sued the IRS last year, arguing that the rule violated their constitutional rights. First Amendment advocates applauded the news, while some experts warned that it could open the door for political campaigns to funnel money through nonprofits.
Meta reportedly bought a ~3% stake worth about $3.5 billion in Ray-Ban parent company EssilorLuxottica as it expands its push into smart glasses.
Waymo announced it is offering accounts for 14- to 17-year-olds to hail driverless rides on their own starting in Phoenix, with plans to expand the option to more cities.
Disney and Hearst are reportedly exploring a sale of their joint venture A+E Global Media, which owns the cable networks A&E, Lifetime, and History.
Amazon Prime Day spending was down 14% in its first four hours compared to the same period in 2024, though the event will last two extra days this year, which could account for the dropoff.
The Supreme Court allowed President Trump to proceed with his administration’s mass firings of federal workers after a lower court had temporarily blocked the effort.
Former British PM Rishi Sunak joined Goldman Sachs as an advisor, returning to the bank where he worked as an analyst before getting into politics.
