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• Late night fire rips through Midland Petroleum Building
  First responders, the Midland Police Department and the Midland Fire Department were...

  First responders, the Midland Police Department and the Midland Fire Department were called to a fire located inside the historic Petroleum Building in downtown Midland during the evening hours on Monday.

  
  

  According to reports, the fire was on the ninth floor of the building. The building owner, David Arrington, said that there were no injuries reported during the incident.

  
  

  T. S. Hogan, a Montana attorney, rancher and oilman, came to the Permian Basin in 1925 and became active in the oil business. In 1927, Hogan announced the construction of the Petroleum Building.

  
  

  The Petroleum Building was designed by the Fort Worth architect Wyatt C. Hendrick and completed in 1929. The building has long played a significant role in the history of Midland, as well as casting a significant role in the development of the city.

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• Trump is disqualified from the 2024 ballot, Colorado Supreme Court rules
  Colorado’s top court ...
  Colorado’s top court ruled on Tuesday that former President Donald J. Trump is disqualified from holding office again because he engaged in insurrection with his actions leading up to the Jan. 6 storming of the Capitol, an explosive ruling that is likely to put the basic contours of the 2024 election in the hands of the U.S. Supreme Court.
  
  Mr. Trump’s campaign said immediately that it would appeal the decision to the U.S. Supreme Court, a likelihood that the Colorado justices anticipated by putting their ruling on hold until January. And while Tuesday’s ruling applies only to one state, it could all but force the nation’s highest court to decide the question for all 50.
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• Inflation worries return after Red Sea shipping attacks
  Recent attacks on commercial shipping in the Red Sea are reviving broader concerns about another outbreak...
  Recent attacks on commercial shipping in the Red Sea are reviving broader concerns about another outbreak of inflation, particularly in Europe, and could threaten to undercut the financial market’s most important narrative of the new year.
  
  The narrative, which took off with the Federal Reserve’s dovish pivot last week and continued to play out on Tuesday, is the idea that inflation will likely keep easing by enough to usher in a round of interest-rate cuts during 2024. Financial markets positioned for this immaculate disinflation scenario in several ways: Treasury yields finished mostly lower, traders clung to expectations for as many as five to seven quarter-point rate cuts next year in the U.S., and stocks closed higher again, with the S&P 500 SPX just shy of cracking a record set in January of 2022.
  
  “The Red Sea events, on balance, affect Europe more than the U.S., which is mostly insulated, more self-sufficient and produces its own energy. But if they last long enough, stretching into a three- to six-month timeline, the U.S. could be affected and it would have a domino effect on other things,” said Derek Tang, an economist at Monetary Policy Analytics in Washington.
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• Closing Oil & Gas Prices for Tuesday
  Benchmark U.S. crude oil for...

  Benchmark U.S. crude oil for January delivery rose 97 cents to $73.44 per barrel Tuesday. Brent crude for February delivery rose $1.28 to $79.23 per barrel.

  
  

  Wholesale gasoline for January delivery rose 4 cents to $2.20 a gallon. January heating oil rose 5 cents to $2.72 a gallon. January natural gas fell 1 cent to $2.49 per 1,000 cubic feet.

  
  
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• Closing Market Update for Tuesday
  The Dow Jones Industrial Average® (DJI)...

  The Dow Jones Industrial Average® (DJI) notched a record-high close for the fifth straight day Tuesday, and the S&P 500® index (SPX) edged even closer to an all-time high as the market's holiday rally continued to keep its legs, fueled by the Federal Reserve's apparent policy "pivot" and optimism the economy can pull off a "soft landing."

  
  

  Tuesday produced another day of broad gains, with most major market sectors extending a rally sparked by last week's Fed policy meeting, at which the central bank scaled up its projection for rate cuts in 2024. Small-cap stocks continued to close a gap with larger counterparts as the Russell 2000® Index (RUT) jumped nearly 2% to a 16-month high.

  
  

  The S&P 500 ended within 28.19 points, or 0.6% of its record-closing high of 4,796.56, posted on January 3, 2022, the first trading day of that year. Here's where the major benchmarks ended:

  
  

  The S&P 500 index was up 27.81 points (0.6%) at 4,768.37; the Dow Jones Industrial Average was up 251.90 points (0.7%) at 37,557.92; the Nasdaq Composite® (COMP) was up 98.03 points (0.7%) at 15,003.22.

  
  The 10-year Treasury note yield (TNX) was down about 3 basis points at 3.924%.
  
  The Cboe® Volatility Index (VIX) was down 0.03 at 12.53.
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