U.S. stocks end lower Friday, finishing a volatile week in the red
U.S. stock indexes finished lower on Friday, capping a turbulent week on Wall Street...
U.S. stock indexes finished lower on Friday, capping a turbulent week on Wall Street with modest losses after the Federal Reserve moved its policy rate up by a half-percentage point and signaled similar increases were likely at the central bank's next two policy meetings. The Dow Jones Industrial Average DJIA, -0.30% shed about 96 points, or 0.3%, ending Friday near 32,901, while recording a 0.2% weekly loss. It marked the Dow's sixth straight weekly loss. The S&P 500 index SPX, -0.57% finished the session 0.6% lower, off 0.2% for the week. The Nasdaq Composite Index COMP, -1.40% closed 1.4% lower Friday and down 1.5% for the week. Financial markets have been volatile as investors grow nervous about the Fed's ability to tighten financial conditions to combat inflation at 40-year highs, without derailing the economy. More hawkish tones from the Fed since November have led to rates volatility, but also negative total returns this year on bonds and stocks. The 10-year Treasury rate jumped 23.9 basis points on the week to 3.124%, its highest since Nov. 2018, according to Dow Jones Market Data.
Energy giant Shell says the world doesn't have systems to trace Russian oil refined overseas. This could undermine sanctions
The European Union is planning to ban Russian oil, while many other countries are also shunning energy...
The European Union is planning to ban Russian oil, while many other countries are also shunning energy products from the country — but it really isn't all that straightforward.
That's because it's not possible to identify the origin of any crude, including Russian, once it has been refined somewhere else and resold as a product from that country, Shell chief executive Ben van Beurden said on Thursday.
"At that point in time, we do not have systems in the world to trace back whether that particular molecule originated from a geological formation in Russia," he told reporters on a quarterly earnings call. "That doesn't exist," he added.
Based on 19 bear 🐻 markets in the last 140 years, here’s where the current downturn may end, says Bank of America
At nearly the halfway mark in a volatile year of trading, the S&P 500 index is down, but not out...
At nearly the halfway mark in a volatile year of trading, the S&P 500 index is down, but not out to the point of an official bear market yet.
But should the S&P 500 officially enter the bear’s lair, Bank of America strategists led by Michael Hartnett, have calculated just how long the pain could last. Looking at a history of 19 bear markets over the past 140 years, they found the average price decline was 37.3%and the average duration about 289 days.
While “past performance is no guide to future performance,” Hartnett and the team say the current bear market would end Oct. 19 of this year, with the S&P 500 at 3,000 and the Nasdaq Composite at 10,000.
U.S. Utility Bills Could Jump 40% on Energy Rally, Barclays Says
(Bloomberg) U.S. households could see a 30% to 40% hike in monthly energy bills this...
(Bloomberg) U.S. households could see a 30% to 40% hike in monthly energy bills this year if high natural gas prices persist, according to a new analysis from Barclays Plc.
Average electric and natural gas bills will be $55 to $75 higher than in 2020 if natural gas costs remain at $6 to $7 per million British thermal units, Barclays said in a research note. Benchmark gas futures surged to a 13-year high of $8.474 on Wednesday as hot weather boosted domestic demand for the power-plant fuel, but as of Friday have fallen back to the $8.15 level at 1:30 PM ET.
The energy sector is off to a higher start, supported by strength in the crude complex and despite...
The energy sector is off to a higher start, supported by strength in the crude complex and despite further weakness in the major market indices. While U.S. stock index futures turned positive after data showed the U.S. economy added more jobs than expected in April, although wage growth slowed, easing some concerns about building inflationary pressures, that strength was short-lived, and equities are negative again in early trading.
WTI and Brent crude oil futures extended gains for the third consecutive day shrugging off concerns about global economic growth as impending European Union sanctions on Russian oil raised the prospect of tighter supply. WTI is trading around $108.69 and Brent crude oil at $111.41, both up in the +40 cent range as of 10:00 AM ET.
