Dow, S&P 500 and Nasdaq all end at record highs after 5th straight day of gains
U.S. stocks rose for a fifth-straight day on Thursday,...
U.S. stocks rose for a fifth-straight day on Thursday, with the Dow, S&P 500 and Nasdaq Composite all tallying a fresh round of record highs.
It was the 30th record finish of 2025 for the S&P 500 and Nasdaq, and 10th for the Dow. The small-cap Russell 2000 also rose for a fifth day. Thursday marked the first time since November 2023 that all four indexes have risen for five straight days.
The Dow tallied its first five-day winning streak since May 2, Dow Jones Market Data showed. The S&P 500 saw its longest winning streak since July 28. For the Russell 2000, it was the longest since July 3, and for the Nasdaq, the longest since Sept. 15.
The S&P 500 rose by 4.15 points, or 0.1%, to finish at 6,715.35, according to Dow Jones Market Data.
The Nasdaq Composite rose by 88.89 points, or 0.4%, to 22,844.05.
The Dow rose by 78.62 points, or 0.2%, to 46,519.72.
EIA Rattles Oil Markets With Reports of Crude Oil, Product Builds
Crude oil inventories in the...
Crude oil inventories in the United States increased by 1.8 million barrels during the week ending September 26, after shrinking by 600,000 barrels in the week prior, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles to 416.5 million barrels according to government data, which is still 4% below the five-year average for this time of year.
The EIA’s data release follows API’s figures that were released a day earlier, which suggested that crude oil inventories contracted by 3.674 million barrels.
For total motor gasoline, the EIA reported an increase of 4.1 million barrels, after the week prior’s 1.1-million-barrel decrease. The most recent figures showed that average daily gasoline production had decreased to 9.3 million barrels. For middle distillates, inventories increased by 600,000 barrels, while production decreased to 5 million barrels per day. Distillate inventories decreased 1.7 million barrels in the week prior and are now 6% below the five-year average for this time of year.
Total products supplied over the last four weeks slipped to 20.3 million barrels per day, up 1.2% compared to the same period last year. Gasoline demand averaged 8.7 million barrels per day during the previous four weeks, while the distillate four-week average supplied fell to 3.6 million barrels—down 4.4 percent year over year.
Oil majors hedge near-term downturn with long-cycle bets
Major oil companies are reacting to a bleak short-term outlook by trimming...
Major oil companies are reacting to a bleak short-term outlook by trimming costs, jobs and share buybacks, even as they double down on long-cycle projects based on the view that slowing supply growth later this decade could lift prices into the 2030s, writes Ron Bousso. BP has committed $5 billion to a Gulf of America development due in 2030, while ExxonMobil is holding firm on $27-29 billion in 2025 spending and scouting for deals.
Oxy Sells Chemicals Business to Berkshire Hathaway for $9.7B
Occidental Petroleum will...
Occidental Petroleum will sell its chemicals business to Berkshire Hathaway for $9.7 billion in cash. An Occidental affiliate will continue to retain OxyChem’s legacy environmental liabilities. The deal is expected to close in the fourth quarter.
OxyChem produces basic chemical and vinyl products from 21 manufacturing sites spread across the U.S., Canada, and Chile.
“This transaction strengthens our financial position and catalyzes a significant resource opportunity we’ve been building in our oil and gas business for the last decade,” said Occidental CEO Vicki Hollub. “I’m incredibly proud of the impressive work the team has done to create this strategic opportunity that will unlock 20-plus years of low-cost resource runway and deliver meaningful near and long-term value.”
The sale of OxyChem will allow Occidental to reduce debt and focus on “high-return oil and gas projects,” the company said Oct. 2. Occidental plans to use $6.5 billion in proceeds to reduce leverage below a $15 billion target set after it acquired Permian oil producer CrownRock in 2023.
Trump admin freezes $18b in NYC infrastructure funding. The...
Trump admin freezes $18b in NYC infrastructure funding. The administration announced yesterday that it had put on hold federal funds that had been awarded to major projects in New York City, including the construction of a new rail tunnel between New York and New Jersey, and the extension of the Second Avenue Subway. Office of Management and Budget Director Russell Vought said the decision was made “to ensure funding is not flowing based on unconstitutional DEI principles,” with Transportation Secretary Sean Duffy later raising questions about the contracting process for the projects. The move may also be intended to get at Democratic congressional leaders amid the government shutdown, as Chuck Schumer and Hakeem Jeffries both represent New York.
President Trump’s budget director said firings of federal workers would begin in “one to two days,” and Vice President Vance also said layoffs would start soon “if the shutdown continues.”
The Israeli Navy intercepted boats from a flotilla attempting to bring humanitarian aid to Gaza, detaining the activists on board, including Greta Thunberg.
Amazon debuted a new grocery brand for price-sensitive shoppers, with most items selling for under $5. In other grocery news, Walmart announced plans to remove artificial dyes from its house brands.
Peloton wants to get you back on the bike you haven’t pedaled since the lockdowns ended with higher membership fees and new hardware with AI-powered features.
Google laid off 100 employees with design roles in its cloud computing unit as it prioritizes its investment in AI.
Chunk, a 1,200-pound brown bear with a broken jaw, was crowned the winner of Fat Bear Week, after narrowly missing the crown in previous years.
