U.S. retail sales' 3% jump in January is fastest monthly pickup in 22 months
The numbers: Sales at U.S. retailers jumped 3% in January — the biggest increase in...
The numbers: Sales at U.S. retailers jumped 3% in January — the biggest increase in almost two years — as Americans flocked to the stores at the start of the new year. Retail sales are a big part of consumer spending and offer clues about the strength of the economy. Sales were forecast to rise 1.9%, based on a Wall Street Journal poll of economists.
Receipts increased a still-strong 2.6% if auto dealers and gas stations are excluded. Car and gasoline purchases exaggerate the ups and downs in overall retail spending. The sterling January report could help generate a better-than-expected increase in first-quarter gross domestic product.
At the same time, though, it could ramp up pressure on the Federal Reserve to keep raising interest rates to try to tame inflation. Strong economic growth tends to add to inflation pressures.
Key details: Sales of new vehicles and parts, an up-and-down category, jumped 5.9% last month. That’s the biggest increase in 22 months.
Oil prices slide as the US says it will sell millions more barrels of oil from its strategic reserve into the global market
Oil prices dropped Tuesday after the US announced plans to sell more inventory from its Strategic...
Oil prices dropped Tuesday after the US announced plans to sell more inventory from its Strategic Petroleum Reserve, adding to the global market's already-volatile crosscurrents in supply and demand.
Benchmark U.S. crude oil for March delivery fell $1.08 to $79.06 a barrel Tuesday. Brent crude for April delivery fell $1.03 to $85.58 a barrel.
Wholesale gasoline for March delivery fell 4 cents to $2.49 a gallon. March heating oilrose 3 cents to $2.94 a gallon. March natural gas rose 17 cents to $2.57 per 1,000 cubic feet.
Dow ends down over 150 points after inflation data; Nasdaq rises
U.S. stocks traded mixed on Tuesday afternoon, with the Nasdaq Composite and S&P 500 ticking into...
U.S. stocks traded mixed on Tuesday afternoon, with the Nasdaq Composite and S&P 500 ticking into positive territory as January’s consumer price index data revealed a seventh straight month of slowing inflation, but not as quickly as economists had expected.
The S&P 500 SPX, -0.03% was up 5 points, or 0.1%, at 4,142
The Dow Jones Industrial Average DJIA, -0.46% dropped 70 points, or 0.2%, to 34,176
The Nasdaq Composite COMP, 0.57% gained 62 points, or 0.5%, to 11,955
The Nasdaq Composite is up 13% so far in 2023 but remains roughly 25% off its record high touched in November 2021 and it’s 16% year over year.
Marathon Oil Co. drilled two wells on a single pad in ...
Marathon Oil Co. drilled two wells on a single pad in Blaine County, Okla., that generated 2,616 barrels of oil per day and 25,440 Mcf of natural gas per day, per completion reports. Devon Energy produced 1,652 barrels of oil per day and over 15,000 Mcf of natural gas per day from a two-well pad in the same county.
Three were killed and five were critically injured in shootings at Michigan State University....
Three were killed and five were critically injured in shootings at Michigan State University. The suspect fatally shot himself, the police said. More here.
