U.S. stocks open higher on Tuesday after Monday skid into bear-market territory
U.S. stocks were up modestly Tuesday, bouncing after the previous session's rout sent the S&P 500...
U.S. stocks were up modestly Tuesday, bouncing after the previous session's rout sent the S&P 500 into a bear market. Investors were looking ahead to the conclusion Wednesday of a two-day Federal Reserve meeting that is now seen potentially delivering a 75 basis point increase to the fed funds rate as policy makers attempt to get a grip on persistently hot inflation. The Dow Jones Industrial Average DJIA, 0.41% rose 43 points, or 0.1%, to 30,559, while the S&P 500 SPX, 0.47% was up 0.4% and the Nasdaq Composite COMP, 0.35% gained 0.7%.
Just under 40% of the 49 leading economists polled by the FT and the University of Chicago's Booth School of Business said the declaration of a recession would come in the first or second quarter of 2023, with a third saying it would come later in the year.
The FT's poll comes just after data on Friday showed US inflation jumped to a 41-year high of 8.6% in May, defying expectations that it would stay at 8.3%.
Continental Resources jumps on $70/share offer from billionaire owner Hamm
Continental Resources (NYSE:...
Continental Resources (NYSE:CLR) rose 7% after billionaire Howard Hamm offered to buy the remainder of the shale driller he and his family don't already own for $70/share.
The offer $70 offer represents a 9% premium over Continental's (CLR) closing price on Monday. The Hamm Family collectively owns 83% of the total outstanding shares of common stock.
The CLR board said it will form a special committee of independent directors to consider the proposal, according to a statement.
The proposed transaction would be structured as a tender offer for any and all shares of common stock followed by a merger without a vote of CLR holders, Hamm said in a letter to the CLR board.
Benchmark U.S. crude oil for July delivery rose 26 cents to $120.93 a barrel Monday....
Benchmark U.S. crude oil for July delivery rose 26 cents to $120.93 a barrel Monday. Brent crude for August delivery rose 26 cents to $122.27 a barrel.
Wholesale gasoline for July delivery fell 13 cents to $4.04 a gallon. July heating oil fell 9 cents to $4.28 a gallon. July natural gas fell 24 cents to $8.61 per 1,000 cubic feet.
