Dow survives late-afternoon selloff to eke out gain, snap 10-day losing streak
Indexes continued...
Indexes continued to wobble on Thursday, ending the session mixed following Wednesday's market rout after the Federal Reserve dialed back rate cut expectations for next year.
The Dow Jones Industrial Average gained 15 points, ending barely higher after losing more than 1,100 points on Wednesday. The index, however, managed to break its longest losing streak in 50 years. Here's where US indexes stood at the 4:00 p.m. closing bell on Thursday:
Bonds sank again. The 10-year Treasury yield was up seven basis points to 4.572% after jumping 13 basis points on Wednesday. Bond yields and prices move in opposite directions.
Earth's underground hydrogen reserves could power the planet for two...
Earth's underground hydrogen reserves could power the planet for two centuries, according to research, which estimates 6.2 trillion tons of hydrogen, although much is likely inaccessible. "Just 2% of the hydrogen stocks found in the study, equivalent to 124 billion tons of gas, would supply all the hydrogen we need to get to net-zero [carbon] for a couple hundred years," says Geoffrey Ellis, lead author of the study, published in Science Advances.
Brigham Exploration Grows Permian Footprint in Non-Op Assets Deal
Brigham Exploration (BEXP) affiliates are acquiring non-operated assets...
Brigham Exploration (BEXP) affiliates are acquiring non-operated assets in Texas and New Mexico to create one of the largest non-operated footprints in the Permian Basin, Brigham said in a Dec. 17 announcement.
The deal with Great Western Drilling Ltd. includes 7,000 net acres in the Permian’s Delaware and Midland basins—specifically in Eddy and Lea counties, New Mexico, and Martin, Midland, Loving and Winkler counties, Texas.
The assets’ August 2024 net production was approximately 2,700 boe/d from about 29 producing wells, according to the press release. In the same month, Brigham’s average net daily wellhead production was approximately 15,500 boe/d from about 79 net producing wells, including assets from both of the company’s private funds.
Elon Musk rails against bill that would avert a government shutdown
Tuesday evening, Congressional leaders ...
Tuesday evening, Congressional leaders released the text of a three-month spending bill that would prevent a shutdown, which would happen on Saturday without a bill. But President-elect Trump—and Elon Musk—both say it’s too bloated with unrelated provisions, imperiling its passage. Musk wrote on X that the 1,547-page, bipartisan bill “is a crime,” adding in another post, “Any member of the House or Senate who votes for this outrageous spending bill deserves to be voted out in 2 years!” Trump also said he is “totally against” it, raising the prospect of a shutdown this weekend.
