Russell 2000 books first record close in 4 years as U.S. stocks end higher
The small-cap Russell 2000 finished Thursday's session...
The small-cap Russell 2000 finished Thursday's session with its first record close in almost four years, as all three major U.S. stock indexes also ended at all-time highs.
Investor sentiment got a lift from Wednesday's decision by the Federal Reserve to cut interest rates in a quarter-point increment and to signal two more reductions for this year. Separately, data released on Thursday showed that a previously reported surge in jobless claims during early September turned out to be a false alarm, which sent Treasury yields to their highest levels in about two weeks.
The Dow Jones Industrial Average rose 124.10 points, 0.3%, to end at 46,142.42, based on preliminary data.
The S&P 500 climbed 31.61 points, or 0.5%, to finish at 6,631.96.
The Nasdaq Composite rose 209.40 points, or 0.9%, to close at 22,470.73.
The Russell 2000 rose roughly 61 points, or 2.5%, to finish at around 2,468. It was the small-cap index's first record close since Nov. 8, 2021.
In addition to reaching all-time closing highs, the Dow, S&P 500, Nasdaq, and Russell 2000 each climbed to record intraday highs during Thursday's session.
EIA Crude Oil Inventories show a surprising plunge, hinting at stronger demand
The Energy Information Administration’s (EIA) weekly report on Crude...
The Energy Information Administration’s (EIA) weekly report on Crude Oil Inventories has revealed a significant drop in the number of barrels of commercial crude oil held by US firms. The actual number came in at a decrease of 9.285 million barrels, a stark contrast to the forecasted increase of 1.400 million barrels.
This sharp decline in crude inventories implies a stronger demand for crude oil, which is bullish for crude prices according to the EIA’s analysis. The forecasted figure was based on the assumption that the inventory levels would rise, indicating weaker demand. However, the actual data has defied these expectations, potentially signaling a shift in the market dynamics.
Comparing the actual figure to the previous week’s data, the reduction in inventories is even more significant. The previous week saw an increase of 3.939 million barrels in the crude oil inventories. The current week’s decrease of 9.285 million barrels not only reverses the previous week’s increase but also suggests a substantial surge in demand.
Chevron CEO pushes back on IEA's peak demand predictions
Chevron CEO Mike Wirth has emphasized the need for continued investment...
Chevron CEO Mike Wirth has emphasized the need for continued investment in oil and gas to meet global energy demand, challenging International Energy Agency predictions that oil demand will peak by the end of the decade. The company is investing $10 billion in low-carbon initiatives such as hydrogen and carbon capture, and has recently acquired Hess for $53 billion, and Wirth said Chevron is pursuing a dual strategy that balances its traditional oil and gas operations with investments in low-carbon technologies.
Plains All American facing crude quality issue in Texas
Plains All American has encountered crude oil quality issues in pipelines...
Plains All American has encountered crude oil quality issues in pipelines connecting the Permian Basin to Corpus Christi, Texas, due to high levels of mercaptans, or sulfur compounds. Starting Oct. 1, Plains will impose a 50-cent-per-barrel fee for oil that fails to meet mercaptan specifications. Although the company is still investigating the cause, the issue could lead Gulf Coast refiners to seek alternative sources of Midland crude.
ABC takes Jimmy Kimmel off the air over Charlie Kirk comments. The...
ABC takes Jimmy Kimmel off the air over Charlie Kirk comments. The network said that Jimmy Kimmel Live would be “pre-empted indefinitely” following backlash over comments the host made on the show that the “MAGA gang” was trying to characterize Kirk’s alleged murderer as “anything other than one of them and doing everything they can to score political points from it.” ABC’s decision came after Federal Communications Commission Chair Brendan Carr threatened to take action against ABC affiliate stations and after station owner Nexstar—which owns 28 ABC affiliates—said it objected to the statements and would show different programming.
President Trump received a warm royal welcome on his unprecedented second state visit to the UK, where he was feted with elaborate military displays and a state dinner hosted by King Charles III at Windsor Castle. Some nonroyal residents weren’t as accommodating—thousands protested Trump’s visit yesterday. With Britain looking to shore up diplomatic ties, tech and nuclear energy deals are expected to be announced.
Former CDC head Susan Monarez, who was ousted over disagreements with RFK Jr., told senators that the HHS Secretary wanted “blanket approval” on vaccine recommendations and said that he plans to change the childhood vaccine schedule soon.
Eli Lilly said its experimental weight loss pill bested Novo Nordisk’s oral medicine in a head-to-head study of patients with Type 2 diabetes.
Treasury Secretary Scott Bessent previously listed two different houses as his “principal residence,” Bloomberg reported, which is similar to what President Trump has said Fed Governor Lisa Cook should be fired for.
Cracker Barrel reported mixed earnings yesterday after announcing and then nixing a controversial rebrand last month.
