U.S. stocks end higher after Fed Chair Powell’s Jackson Hole remarks, S&P 500 snaps 3-week losing streak
U.S. stocks ended higher Friday after Federal Reserve Chairman Jerome Powell warned the central bank...
U.S. stocks ended higher Friday after Federal Reserve Chairman Jerome Powell warned the central bank may need to raise interest rates even higher to temper a strong U.S. economy and quell inflation while assuring investors that monetary policy would proceed cautiously.
The Dow Jones Industrial Average DJIA rose 247.48 points, or 0.7%, to close at 34,346.90
The S&P 500SPX gained 29.4 points, or 0.7%, to finish at 4,405.71.
The Nasdaq CompositeCOMP advanced 126.67 points, or 0.9%, to end at 13,590.65.
For the week, the Dow fell 0.4%, the S&P 500 gained 0.8% and the Nasdaq climbed 2.3%, according to Dow Jones Market Data. The Dow booked back-to-back weekly losses, while the S&P 500 and technology-heavy Nasdaq Composite each snapped a three-week losing streak.
Mechanics warn scorching temperatures across the US could be causing an increase in automobile issues
Nearly 150 million people across the U.S. have been under a heat advisory at some point in August 2023....
Nearly 150 million people across the U.S. have been under a heat advisory at some point in August 2023. As the temperatures get hotter, mechanics say car issues have become more frequent. AAA reports just this summer from July and August, a 7% increase in roadside calls, just in Texas.
Cars overheating, as fluids start to break down when the temperature outside is really hot, as well as a significant increase in air conditioning systems just not being able to get cold enough in this heat.
With Labor Day travels ahead, J&T Automotive mechanics and AAA recommend getting your car checked before getting on the road. They warn drivers to try to avoid being stranded in these dangerous temperatures because wrecker services are also backed up with calls.
Oil prices tick higher but are on course for a weekly loss as concerns about easing supply tightness and a cloudy demand outlook have outweighed reduced OPEC output.
Brent crude oil is up 0.6% at $83.42 a barrel, but on course for a 1.6% decline for the week. West Texas Intermediate (WTI) is also set for a 1.4% weekly loss.
Oil prices have slipped in recent weeks due to Iranian exports rising and the possibility of sanctions on Venezuela being lifted. But BMI Industry Research doesn't expect further losses for now. "The cutbacks in place by OPEC+, additional unilateral action by Saudi Arabia and export declines in Russia, as well as seasonally strong consumption, support the market," the company said in a note.
New Mexico could register a revenue surplus of $3.5 billion...
New Mexico could register a revenue surplus of $3.5 billion in the July 2024-June 2025 fiscal year thanks to a booming oil and natural gas industry, state economists project. A more than twofold increase in annual production over the past five years has turned the state into the nation's second-largest oil producer.
Clearfork completes Haynesville gas capacity expansions
Clearfork Midstream has expanded the gathering and treating capacity of its Holly System in the ...
Clearfork Midstream has expanded the gathering and treating capacity of its Holly System in the Haynesville Shaleof North Louisiana by 65% to around 1.25 Bcf/d since February 2022, benefiting producers in the Haynesvilleand Bossierplays. The expansions involve new pipelines on both the east and west sides, along with increased treating and compression capacity.
