MarketWatch: Dow finishes up over 500 points as stocks rally, oil prices tumble
Stocks finished sharply higher Tuesday as energy prices pulled back and investors combed through another...
Stocks finished sharply higher Tuesday as energy prices pulled back and investors combed through another batch of corporate earnings. The Dow Jones Industrial Average DJIA, 1.45% gained about 502 points, or 1.5%, to end near 34,912, marking its biggest daily percentage climb since March 16, according to FactSet. The S&P 500 index SPX, 1.61% rose 1.6% and the Nasdaq Composite Index COMP, 2.15% advanced 2.2%. The rally on Wall Street came despite warnings from the International Monetary Fund that Russia's war in Ukraine will lead to a significant pullback in global economic growth in 2022. A top IMF official on Tuesday also told MarketWatch that financial markets have yet to anticipate how high the Federal Reserve will need to raise interest rates to get a grip on inflation at a 40-year high. U.S. crude prices CL00, -5.08% fell more than 5% to settle near $102 a barrel.
The energy sector is off to a lower start, pulling back from its recent...
The energy sector is off to a lower start, pulling back from its recent string of gains amid volatility in the underlying commodities and in the major equity futures. Markets retreated this morning and treasury yields hit new highs on expectations of aggressive interest rate hikes, while investors awaited more earnings reports to assess the impact of soaring inflation and the Ukraine war.
Earnings season kicked off this morning with Halliburton reporting better-than-expected 1Q’22 results. The company posted an 85% rise in adjusted profit as a rally in crude prices boosted demand for its services and equipment and said margins in its Drilling and Evaluation division eclipsed 15% for the first time since 2010, despite weather and supply chain disruptions. The company also noted it anticipates the supply chain issues that have plagued the industry since demand rebounded from coronavirus-related lockdowns to continue.
U.S. Gasoline Prices Fall Slightly, But More Pain Is Coming
Gasoline prices in the United States have dropped to a national average of $4.087 per gallon,...
Gasoline prices in the United States have dropped to a national average of $4.087 per gallon, down from $4.114 a week ago, but with oil prices rising again on the Russia-Ukraine war and production shutdowns in Libya, prices at the pump could rebound again.
A month ago, the national average at the pump was $4.274 per gallon, according to AAA, still shy of the highest ever national average on record on March 3rd, 2022, of $4.331
Wyo. oil producers' growth ambitions face barriers
Supply chain shortages, long lead times, higher material and labor costs, and uncertainty surrounding...
Supply chain shortages, long lead times, higher material and labor costs, and uncertainty surrounding federal lease sales are hindering Wyoming oil and natural gas companies' efforts to bring more production online just when the world needs it most. Some producers see drilling on federal land as too risky to pursue under the current administration, while others depend on federal leases to make their operations viable.
US frack spread count points to recovering activity
The frack spread count across the US has reached 275 and could have room to increase to between 310 and...
The frack spread count across the US has reached 275 and could have room to increase to between 310 and 320, a sign that oilfield activity is on the upswing, Primary Vision CEO Matt Johnson says. Some operators are refracking existing wells to maximize production as supply chain issues persist, Johnson adds.
