Wall Street lost ground in a stagnant session as investors waited for...
Wall Street lost ground in a stagnant session as investors waited for tomorrow's election. Losses were limited, though, as investors seemed in no mood to take on large new positions in either direction with so much uncertainty in the air.
Though major indexes ended in the red, a rallying Treasury market showed signs of life and the benchmark 10-year Treasury note (TNX:CGI) yield dropped from Friday's four-month highs. Yields move the opposite direction of Treasuries.
"The rally looks like the unwinding of election-related trades of the past few weeks," said Kathy Jones, chief fixed income strategist at Schwab. "Yields had moved up more than was justified by the economic data and are now re-adjusting lower."
Whoever ends up in the White House, long-term investors should ignore the noise and focus on their goals and financial plans. Presidential elections have historically had very little impact on markets—stocks, for example, are more influenced by corporate earnings, monetary policy, and economic data than the election outcome.
Here's where the major benchmarks ended:
The S&P 500®index (SPX) dipped 16.11 points (–0.28%) to 5,712.69; the $DJIdropped 257.59 points (–0.61%) to 41,794.60; and the $COMPlost 59.93 points (–0.33%) to 18,179.98.
The 10-year Treasury note yield (TNX) fell five basis points to 4.31%.
The CBOE Volatility Index® (VIX)edged up to 22.11, still below last week's peaks.
Hess Goes Forth in Bakken with Chevron Deal Entangled in Dispute
Hess Corp. continues to move forward in North...
Hess Corp. continues to move forward in North Dakota as it waits to close a $55 billion deal with Chevron Corp., which is involved in arbitration over interests offshore Guyana. The company says it plans to continue running four rigs in the North Dakota Bakken shale playthrough the fourth quarter.
New York-based Hess reported net production of 206,000 boe/d from the Bakken during the third quarter, the company announced in earnings Oct. 30.
Third-quarter Bakken volumes included 91,000 bbl/d of crude oil, 75,000 bbl/d of NGL and 238 MMcf/d of natural gas.
Tropical depression forms, could become Hurricane Rafael and track toward US
The National Hurricane Center said a tropical depression formed in the...
The National Hurricane Center said a tropical depression formed in the Caribbean on Monday. It could eventually intensify into a hurricane and threaten the Gulf Coast by this weekend.
Forecasters said the system is forecast to strengthen into Tropical Storm Rafael and then Hurricane Rafael over the next few days as it moves into the Gulf of Mexico.
However, given significant uncertainties in the long-range forecast track and intensity, the hurricane center said it is too soon to determine what, if any, impacts could occur in the U.S.
"There has never been a tropical storm or hurricane landfall in Texas, Louisiana or Mississippi during November and December. So that would be quite a milestone, but this does not mean that people along the central and western Gulf Coast should let their guard down," AccuWeather lead hurricane expert Alex DaSilva said.
Enbridge Among Growing List of Earnings Boosted by Acquisitions
Thanks to its growing list of acquisitions,...
Thanks to its growing list of acquisitions, Enbridge’s third-quarter profits more than doubled, jumping from CA$500 million (US$359 million) to CA$1.3 billion (US$0.93 billion) year-over-year.
Canada-based Enbridge’s portfolio includes gas and liquids pipelines, a renewable energy segment and, over the last year, a natural gas utilities sector in the U.S.
"Across the business, we saw strong utilization of our assets, which drove another solid quarter of financial results, positioning us to achieve full-year guidance for the 19th year in a row,” said Greg Ebel, Enbridge president and CEO, during the company’s third-quarter earnings call Nov. 1.
Should you be stockpiling Cash like Warren Buffett?
Warren Buffett continues to stockpile cash, slashes his Apple...
Warren Buffett continues to stockpile cash, slashes his Apple stake: … Warren Buffett is doing his best Scrooge McDuck impression—his conglomerate Berkshire Hathaway increased his cash pile to a record $325.2 billion in Q3 from $276.9 billion the previous quarter, although there are no reports of him throwing on a bathing suit and swimming in it. The Oracle of Omaha, who sold 389 million Apple shares in Q2, dumped about a quarter of his Apple stake in Q3, along with more Bank of America shares. Overall, Berkshire sold $36.1 billion of stock during Q3 and bought just $1.5 billion: It’s the eighth straight quarter during which Buffett was a net seller of stocks.
