Dow sheds 500 points Friday, stocks book weekly declines on Ukraine and inflation concerns
U.S. stocks closed sharply lower Friday as heightened concern that Russia may soon invade...
U.S. stocks closed sharply lower Friday as heightened concern that Russia may soon invade Ukraine sent oil prices spiking and investors to dump risky assets like equities. Investors also weighed a sharp drop in consumer sentiment and a pickup in near-term inflation expectations.
All three major stock benchmarks saw a weekly decline, halting a two-week advance. The tech-laden Nasdaq Composite suffered the biggest drop.
FROM MARKETWATCH:
The Dow Jones Industrial AverageDJIA dropped 503.53 points, or 1.4%, to close at 34,738.06.
The S&P 500SPX fell 85.44 points, or 1.9%, to end at 4,418.64.
The Nasdaq CompositeCOMP fell 394.49 points, or 2.8%, to finish at 13,791.15.
Friday’s fall turned the S&P 500 lower for the week, down 1.8%. The Nasdaq saw a weekly drop of 2.2%, while the Dow fell 1% for the week.
On Thursday,the Dow fell 526 points, or 1.5%, while the S&P 500 dropped 1.8% and the Nasdaq dropped 2.1%.
IEA warns of 'small cushion' in oil markets, expects supply shortfall to deepen
The oil market has "only a small cushion" due to dwindling spare capacity and shrinking...
The oil market has "only a small cushion" due to dwindling spare capacity and shrinking stocks, the International Energy Agency said Feb. 11, cautioning that the supply shortfall could deepen if OPEC+ continues to struggle to raise output.
"If the persistent gap between OPEC+ output and its target levels continues, supply tensions will rise, increasing the likelihood of more volatility and upward pressure on prices," the IEA said in its monthly oil market report.
Texas oil producer Denbury has teamed up with Natural Resource Partners...
Texas oil producer Denbury has teamed up with Natural Resource Partners for the evaluation and potential development of a carbon dioxide sequestration hub at a 75,000-acre site near Mobile, Ala. The site could permanently store at least 330 million short tons of CO2 that would support Denbury's enhanced oil recovery and emissions reduction efforts.
The US power generation capacity retirements declined for a second consecutive year in 2021, to 8.6 gigawatts,...
The US power generation capacity retirements declined for a second consecutive year in 2021, to 8.6 gigawatts, compared to 15.1 GW of capacity retired in 2020 and 21.7 GW in 2019, according to S&P Global Market Intelligence. Coal accounted for 60.7% of generation capacity retirements last year, followed by nuclear power at 12.2%, natural gas at 8.9% and oil at 7.6%.
Proposed N.D. hydrogen plant to source gas from tribe
Bakken Energy and Mitsubishi Power Americas have signed a memorandum of understanding to procure natural...
Bakken Energy and Mitsubishi Power Americas have signed a memorandum of understanding to procure natural gas for their proposed $2 billion blue hydrogen hub in western North Dakota from the Mandan, Hidatsa and Arikara Nation's Fort Berthold Reservation, which produces about 20% of the state's oil supply. The deal will help curb the flaring of associated gas produced along with oil on the reservation.
