S&P 500 snaps 4-day losing streak as stocks end choppy session higher
The S&P 500 snapped a four-day losing streak Thursday as stocks ended higher after visiting both...
The S&P 500 snapped a four-day losing streak Thursday as stocks ended higher after visiting both sides of unchanged in choppy trading. Investors continue to weigh the path for Federal Reserve rate hikes amid growing expectations the central bank will keep borrowing costs elevated for a lengthy period in its effort to bring down inflation in the face of sticky price data and a robust labor market. The Dow Jones Industrial Average DJIA, 0.33% rose around 111 points, or 0.3%, to close near 33,156, according to preliminary figures, while the S&P 500 SPX, 0.53% gained around 21 points, or 0.5%, to finish near 4,012. The Nasdaq Composite COMP, 0.72% ended near 11,590, up around 83 points, or 0.7%.
Norfolk Southern has lost $6.7 billion in market cap since Ohio train derailment
Shares of Norfolk Southern Corp. ...
Shares of Norfolk Southern Corp. NSC, +0.03% bounced 0.4% in morning trading Thursday, after closing the previous session at a four-month low as the railroad operator continued to face backlash from the Ohio train derailment three weeks ago. On Thursday, U.S. Transportation Secretary Pete Buttigieg visited East Palestine, as the Biden Administration has also faced growing criticism over the federal response to the derailment. Norfolk Southern’s stock has tumbled 11.6% since the Feb. 3 derailment, which translates to about $6.68 billion in lost market capitalization. In comparison, shares of rivals Union Pacific Corp. UNP, +0.27% have shed 8.7% since Feb. 3 and CSX Corp. CSX, +1.27% have lost 5.7%. The Dow Jones Transportation Average DJT, +0.67% has declined 5.5% and the Dow Jones Industrial Average DJIA, -0.36% had slipped 2.8% over the same time.
Cheniere to Expand Sabine Pass LNG with Three Trains
Cheniere Energy Inc. will expand its Sabine Pass, Louisiana, operations by adding as many as three trains...
Cheniere Energy Inc. will expand its Sabine Pass, Louisiana, operations by adding as many as three trains in an adjacent parcel with a total capacity of about 20 million tonnes per annum (mtpa), the company said Feb. 23 as part of its fourth-quarter 2022 earnings announcement. Cheniere has engaged with Bechtel to develop a FEED study for the project, which it said could come online in late 2028 at the earliest.
U.S. first-time unemployment claims lower in latest week
The numbers: Initial jobless claims fell by 3,000 to 192,000 in the week ending Feb....
The numbers: Initial jobless claims fell by 3,000 to 192,000 in the week ending Feb. 18, the Labor Department said Thursday. That’s the sixth straight week below 200,000, which is a signal of a strong labor market, and the lowest level in three weeks.
Economists polled by The Wall Street Journal had estimated new claims would rise by 3,000 to 197,000.
Last week claims were unchanged at 195,000. That compared with the initial estimate of a decline of 1,000 to 194,000.
Key details: The number of people already collecting jobless benefits fell by 37,000 to 1.65 million. That number has been slowly trending higher since last May when it hit 1.31 million.
Big picture: Initial jobless claims have been very low despite some well-publicized layoffs.
