Regulators around the globe have been working overtime to keep the collapse of Silicon...
Regulators around the globe have been working overtime to keep the collapse of Silicon Valley Bankfrom spiraling into a full-blown banking crisis, but depositors are still wary of keeping their money in institutions that suddenly look a lot less stable than they used to. In the US, ~$550 billion has been yanked out of smaller and regional banks and put into large banks and money market funds in the weeks since SVB and Signature imploded, a recent estimate by JPMorgan determined.
Crude oil prices finished the week with two straight days...
Crude oil prices finished the week with two straight days of losses and Energy Secretary Jennifer Granholm’s comments about taking years to refill the Strategic Petroleum Reserve continued to have an impact. Plus, there was a continued worry as European banking shares fell.
West Texas Intermediate crude dropped 70 cents or 1% to close at $69.26 a barrelon the New York Stock Exchange.
Global benchmark Brent crude finished down 92 cents or 1.2% to $74.99on ICE Futures Europe.
Over the past two months, Louisiana has plugged more than 100...
Over the past two months, Louisiana has plugged more than 100 orphaned oil wells out of over 4,500 present in the stateusing $25 million in funds from a $4.7 billion federal program created by the bipartisan infrastructure bill to address the nation's abandoned well problem, Gov. John Bel Edwards has announced. "Every well site removed is one less pathway for methane, oil, or saltwater contamination to reach the surface," stated Edwards.
U.S. stocks end higher Friday, notching weekly gains of over 1%
U.S. stocks ended a volatile week higher on Friday,...
U.S. stocks ended a volatile week higher on Friday, a week that saw the Federal Reserve raise rates another 25 basis points, and risks in the U.S. and European banking sectors remain in key focus. The Dow Jones Industrial AverageDJIA rose about 132 points, or 0.4%, ending near 32,238, Friday, boosting its weekly gain to 1.2%, according to preliminary FactSet data. The S&P 500 index SPX climbed 0.6% Friday and 1.4% for the week, while the Nasdaq Composite Index COMP, +0.31% closed up 0.3% for a 1.7% weekly gain. Investors have been concerned about a potential credit crunch and its likely toll on the economy, after the failure earlier in March of Silicon Valley Bank and Signature Bank. Fed Chairman Jerome Powell on Wednesday said he expected credit conditions to tighten further, doing some of the central bank’s work for it, in terms of bringing down inflation. One worry is that high rates and tighter credit could lead to a wave of defaults.Goldman Sachs this week raised its default forecast for the U.S. high-yield, or junk-bond, market to 4% from 2.8% for 2023.
MarketWatch: The U.S. economy sped up in March, but so did inflation, S&P survey shows
The numbers: The U.S. economy accelerated in March, S&P Global surveys showed, but...
The numbers: The U.S. economy accelerated in March, S&P Global surveys showed, but so did inflation as companies raised selling prices. The S&P Global surveys are among the first indicators each month to assess the health of the economy.
The S&P Global Flash U.S. services-sector index rose to an 11-month high of 53.8 from 50.5 in the prior month. Most Americans are employed on the service side of the economy.
The S&P Global U.S. manufacturing sector index, meanwhile, increased to 49.3 from 47.3. That’s a five-month high. Any number above 50 points to expansion. Figures below that signal contraction.
Key details: New orders, a sign of future sales, rose for the first time since last September at service-oriented companies.
