Dow ends up about 700 points Friday as stocks notch weekly gains
U.S. stocks logged their biggest daily advance in more than 5...
U.S. stocks logged their biggest daily advance in more than 5 weeks on Friday as investors reacted to data showing the labor market and wage growth finally starting to cool. The S&P 500 SPX, +2.28% gained roughly 87 points, or 2.3%, to finish at 3,895 as the index snapped a four-week losing streak. The Dow Jones Industrial Average DJIA, +2.13% climbed 700 points, or 2.1%, to finish at roughly 33,630. The Nasdaq Composite COMP, 2.56% advanced 264 points, or 1.6%, 10,569. Labor Department data showed the U.S. economy added 233,000 jobs last month, which was fewer than the prior month, while beating economists’ expectations for 200,000 new jobs. Wages grew by a modest 0.3% last month.
Citigroup and JPMorgan Chase are on the Kentucky state treasurer's...
Citigroup and JPMorgan Chase are on the Kentucky state treasurer's list of 11 financial institutions that the state claims are boycotting energy companies. The list was developed under a state law, similar to ones in Texas and West Virginia, that sets a time frame for Kentucky governmental entities' divestment from the institutions that do not "cease engaging" in what the state says are energy company boycotts.
Crude oil volumes at the Cushing hub reached 25.3 million barrels...
Crude oil volumes at the Cushing hub reached 25.3 million barrels on Dec. 30 – up 300,000 barrels compared to the previous week– following the resumption of flows through the Keystone Pipeline. Other figures from the Energy Information Administration show the Cushing hub held 23.9 million barrels at the start of December with volumes rising modestly throughout the month.
Slower wage growth could spark 'modest relief rally'
The wage portion of the jobs report should offer a bit of comfort to Federal Reserve policy makers, analysts...
The wage portion of the jobs report should offer a bit of comfort to Federal Reserve policy makers, analysts and investors said.
"Fed Chair Powell should like what he sees in the jobs data given a moderating wage growth and uptick in worker participation rate," said Bryce Doty, senior portfolio manager at Sit Investment Associates, in emailed comments.
The addition of 223,000 jobs in December "is a good sign for helping further reduce supply chain problems. The 62.3% participation rate is slightly higher but still too far below pre-COVID levels," he said.
John Hess: Bakken, US Shale to Plateau in Coming Years
Hess Corp. CEO John Hess sees his company’s production in the...
Hess Corp. CEO John Hess sees his company’s production in the Bakken — and overall U.S. shale production — plateauing from 2024 to 2026.
Bakken production will level out at 200,000 boe/d in 2024 and remain at the rate for eight to 10 years, Hess said during an audio live-streamed fireside chat on Jan. 5 at Goldman Sachs Global Energy & Clean Technology Conference.
Hess said his company had moved up to a four-rig program but will not go to five rigs even at higher oil prices.The four rigs allow Hess Corp. to optimize its infrastructure without having to make incremental investments. Work remains in the midstream sector, but it’s incremental in nature, he said.
Hess is eyeing capex of $3.7 billion in 2023 compared to $2.7 billion in 2022.At least 80% of 2023 spending will be split between two major assets: Guyana and the Bakken. (Source: Hart Energy)
