Nasdaq closes at record high above 20,000 for first time as Dow falls for fifth session
U.S. stocks finished mostly higher on Wednesday, with the Nasdaq Composite closing at...
U.S. stocks finished mostly higher on Wednesday, with the Nasdaq Composite closing at a record high. Still, the Dow Jones Industrial Average was unable to recover its momentum following the release of as-expected CPI inflation data for November.
According to preliminary data, the Dow Jones Industrial Average closed down by 0.2% at 44,148.56 for its fifth straight session of declines.
The S&P 500 finished up by 0.8% at 6,084.19.
The Nasdaq Composite ended up by 1.8% at 20,034.89.
Wednesday's moves gave the S&P and Nasdaq their first gains in three sessions.
According to economists Andy Schneider and Britney Jackson at BNP Paribas, Wednesday's inflation data was "imperfect, but good enough" for the Federal Reserve to cut the December rate next Wednesday.
U.S. Inflation Ticks Up Slightly Ahead of Fed Meeting
Fresh inflation data released on Wednesday gave Federal...
Fresh inflation data released on Wednesday gave Federal Reserve officials one last glimpse at how their battle against rapid price increases is progressing as they prepare for their final interest rate decision of 2024.
Consumer Price Index inflation ticked up in November, with the index climbing 2.7 percent from a year earlier. That was up from 2.6 percent previously, and in line with economists’ expectations.
A potential catalyst for this week awaits with Thursday’s U.S. Energy Information...
A potential catalyst for this week awaits with Thursday’s U.S. Energy Information Administration (EIA) inventory report covering the first week of December. Frigid air descended from Canada during the period, boosting gas demand to power furnaces.
As such, analysts have braced for the steepest storage pull of the young withdrawal season. NGI modeled a pull of 176 Bcf, which is bullish in contrast to the five-year average decrease of 71 Bcf.
Preliminary draw estimates submitted to Reuters for the Dec. 6 period averaged 138 Bcf. The polling ranged fromwithdrawals of 49 Bcf to 187 Bcf.
Still, inventories started December at an 8% surplus relative to the five-year average. This followed a withdrawal of 30 Bcf in the final week of November. Inventories stood at 3,937 Bcf.
U.S. crude stockpiles rose 500K barrels last week, API says
The American Petroleum Institute reportedly showed a surprise build of...
The American Petroleum Institute reportedly showed a surprise build of 499K barrels of oil in U.S. commercial stockpiles for the week ending December 6, after API reported an unexpected 1.23M-barrel build a week earlier.
Strategic Petroleum Reserve (SPR): Increased by 0.7 million barrels as of December 6.
‣Current SPR inventory: 392.5 million barrels.
‣Up 46 million barrels from last summer's low.
‣Down 242 million barrels since President Biden took office.
Gasoline Inventories: Rose by 2.852 million barrels this week.
‣Previous week: Increase of 4.623 million barrels.
‣Currently 4% below the five-year average.
Distillate Inventories: Rose by 2.452 million barrels this week.
‣Previous week: Increase of 1.014 million barrels.
‣Currently 5% below the five-year average.
Cushing Inventories: Decreased by 1.517 million barrels.
Thousands of people were forced to evacuate yesterday as a fast-moving...
Thousands of people were forced to evacuate yesterday as a fast-moving wildfire cut through the wealthy coastal area, threatening nearby Pepperdine University and the Malibu Pier. The Los Angeles Times reported that the blaze burned more than 2,600 acres, bolstered by heavy winds that are making it difficult for the 700+ firefighters to contain it. The cause of the fire was unclear, but the region—already prone to wildfires—has received very little rain in recent weeks.
