U.S. stocks finished higher on Wednesday, reversing earlier losses...
U.S. stocks finished higher on Wednesday, reversing earlier losses after the Federal Reserveraised its policy interest rate by 25 basis points, as widely expected while signaling only a few more might be needed in its inflation fight.
The Nasdaq Composite finished at the highest level since mid-September, while the Dow industrials and the S&P 500 both scored their biggest intraday recovery from session lows since Oct. 13, according to Dow Jones Market Data.
The Dow Jones Industrial Average DJIA, +0.02% finished 6.92 points higher, or nearly flat at 34,092.96
The S&P 500 SPX, +1.05% gained 42.61 points, or 1%, to end at 4,119.21
The Nasdaq Composite COMP, 2.00% advanced 231.77 points, or 2%, to finish at 11,816.32
Fed inches interest rates up another quarter percentage point
The Federal Reserve approved a quarter-percentage-point interest-rate...
The Federal Reserve approved a quarter-percentage-point interest-rate increase and signaled plans to raise rates again next month to continue lowering inflation.
The decision Wednesday followed six consecutive larger rate rises, including an increase of a half point in December and 0.75 point in November.
Crude oil inventories rose by another 6.33 million barrels last week, the American Petroleum...
Crude oil inventories rose by another 6.33 million barrels last week, the American Petroleum Institute (API) data showed on Tuesday, on top of last week’s 3+ million barrel build.
U.S. crude inventories increased by 13 million barrels last year, according to API data, while crude stored in the nation’s Strategic Petroleum Reserves sunk by 221 million barrels.
This week, SPR inventory held steady for the third week in a row at 371.6 million barrels as the emergency releases that the Biden Administration announced last spring are now complete. The SPR now contains the least amount of crude oil since early December 1983.
Inventories at Cushing, Oklahoma, increased by 2.72 million barrels on top of the 3.378-million barrel hike reported last week.
Oilfield services firm Atlas Energy Solutions Inc filed for a U.S. initial public offering...
Oilfield services firm Atlas Energy Solutions Inc filed for a U.S. initial public offering on Jan. 31 at a time when drilling activities around the world are picking up from pandemic lows.
Reuters was the first to report last year that the Austin, Texas-based firm was preparing for a public listing which could value it between $2 billion and $3 billion including debt. In regulatory filings, Atlas describes itself as a "leading provider of proppant and logistics services to the oil and natural gas industry within the Permian Basin of West Texas and New Mexico."
Diamondback Energy Inc.’s $1.55 billion acquisition of Lario Permian LLC...
Diamondback Energy Inc.’s $1.55 billion acquisition of Lario Permian LLC has closed, according to a Jan. 31 company press release, wrapping up the E&Ps fourth-quarter 2022 Midland Basin shopping spree.
Along with the acquisition of FireBIrd Energy LLC in November, Diamondback said the deals would increase its Midland Basin footprint by approximately 83,000 net acres, add 500 high-quality drilling opportunities and increase its 2023 production profile by approximately 37,000 bbl/d of oil (50,000 boe/d).
