S&P 500 closes at new all-time high as market shrugs off February inflation data
U.S. stocks finished higher on Tuesday with megacap technology stocks...
U.S. stocks finished higher on Tuesday with megacap technology stocks driving the gains despite worries that a hotter-than-expected February inflation reading could delay the Federal Reserve's interest-rate cuts until the second half of 2024.
The S&P 500was up 57.33 points, or 1.1%, to end at 5,175.27. It was the 17th record close for the large-cap benchmark index in 2024.
The Dow Jones Industrial Averageadvanced 235.83 points, or 0.6%, to finish at 39,005.49.
The Nasdaq Compositesurged 246.36 points, or 1.5%, ending at 16,265.64.
The three major indexes also booked their largest one-day point and percentage gains since Feb. 22, according to Dow Jones Market Data.
New Mexico's State Land Office has decided to suspend lease sales on...
New Mexico's State Land Office has decided to suspend lease sales on premium oil and natural gas tracts in the Permian Basin until the state Legislature approves deadlocked bills that would raise the royalty rates for top-tier acreage from 20% to 25%. New Mexico Oil and Gas Association CEO Missi Currier has warned that the impasse could hurt both petroleum producers and public beneficiaries.
Summit's CO2 project may cater to EOR efforts after all
CO2 pipeline developer Summit...
CO2 pipeline developer Summit Carbon Solutions is leaving the door open for the potential use of its CO2 in enhanced oil recovery, contradicting previous pledges that its project won't be used for such purposes. Summit CEO Lee Blank defended the consistency of the company's messaging, saying, "The front-end goal of this company is the ethanol industry and the sequestration of carbon, and it will be that until the market tells us to do anything different."
Despite the downturn in natural gas prices and surplus storage levels,...
Despite the downturn in natural gas prices and surplus storage levels, US midstream companies have allocated more than $10 billion to upgrade and expand their gas infrastructure this year, according to East Daley Analytics. Analysts say the investments reflect the industry's confidence in long-term demand for gas infrastructure, driven by the ongoing expansion of the liquefied natural gas export market.
Biden’s budget would hike taxes on the rich, and corporations. The...
Biden’s budget would hike taxes on the rich, and corporations. The president submitted a $7.3 trillion budget to Congress that would raise taxes on billionaires and businesses to put more cash into social programs, including Social Security and Medicare. But, like all presidential budgets, it’s got about as much chance of getting passed by Congress as a bill guaranteeing each American a pet unicorn, so it’s mostly a statement of Biden’s priorities—the 2024 budget is still being hashed out.
Reddit will be targeting a valuation of nearly $6.5 billion and looking to raise ~$750 million in its upcoming IPO.
Airbnb banned indoor security cameras in all listings, so now you’ll only have to worry about the cleaning fees.
Telegram’s founder told the Financial Times that the encrypted messaging app has 900 million users and is making “hundreds of millions” off advertising, which should make the company profitable next year.
Elon Musk, who is suing to force OpenAI to make its tech open source, said his competing company, xAI, will make the code for its chatbot, Grok, public this week.
The Oscars drew 19.5 million viewers, with the Barbenheimer hype helping to make it the most viewed awards show since 2020.
The House is scheduled to vote tomorrow on legislation that would effectively ban TikTok in the US.
