Dow scores 6th day of wins to start busy week for earnings
U.S. stocks finished at new highs for the year on Monday to kick...
U.S. stocks finished at new highs for the year on Monday to kick off a busy week for corporate earnings,with the Nasdaq leading the way up. The Dow Jones Industrial AverageDJIA rose about 76 points, or 0.2%, ending near 34,585, based on preliminary FactSet data. The S&P 500 indexSPX gained 0.4% and the Nasdaq Composite IndexCOMP closed up 0.9%. That was the Dow’s sixth straight day of wins and marked the highest close since April 2022 for all three major stock indexes, according to Dow Jones Market Data. Equities have rallied as the U.S. economy remains resilient in the face of sharply higher interest rates, keeping investors hopeful about a soft landing, instead of a recession. Treasury Secretary Janet Yellen said on Monday that she doesn’t anticipate a U.S. recession, in an interview with Bloomberg television.
Buckeye Partners acquired carbon capture and storage (CCS) company...
Buckeye Partners acquired carbon capture and storage (CCS) company Elysian Carbon Management from EnCap Flatrock Midstream, Buckeye announced on July 17.
Buckeye is a wholly-owned investment of the IFM Global Infrastructure Fund and owns and operates a portfolio of integrated midstream infrastructure and logistic solutions assets. Buckeye’s acquisition of Elysian’s end-to-end CCS solutions will allow Buckeye to provide industrial and power facilities with lower carbon products for emissions reduction goals.
The acquisition comes as Buckeye furthers its energy transition strategy to become a net zero business by 2040 across Scope 1 and 2 emissions.
Alaskans spent the weekend experiencing an uptick in seismic activity, with a series of volcanic eruptions from the remote Shishaldin Volcano Friday followed by a 7.2 magnitude earthquake late Saturday morning off the southwestern coast, which briefly triggered a tsunami warning.
The volcano is nestled in the middle of the sparsely populated Aleutian Islands, part of the archipelago making up the Alaskan peninsula. Shishaldin started exhibiting low-intensity eruptions Tuesday but began Friday with a burst that sent an ash cloud nearly 40,000 feet in the air. Meanwhile, the Saturday earthquake was the strongest to hit the area since an 8.2 magnitude quake in 2021.
The region sits along the northeastern ridge of the "Ring of Fire"—a set of tectonic boundaries that encircle the Pacific basin, giving rise to numerous volcanoes and frequent earthquakes along its perimeter. See an overview of the subject here (w/video).
Russia said on Monday that it was ending an agreement that had...
Russia said on Monday that it was ending an agreement that had allowed Ukraine to export its grain by sea despite Moscow’s naval blockade, upending a deal that had helped to keep global food prices stable and alleviate one element of the global fallout from the war.
Ukraine is a major producer of grain and other foodstuffs, and the United Nations secretary general, António Guterres, said he was “deeply disappointed” by the decision. Millions of people who face hunger, or are struggling, as well as consumers around the world facing a cost of living crisis, will “pay a price,” he said.
"Today’s decision by the Russian Federation will strike a blow to people in need everywhere,” he told journalists.
A Kremlin spokesman, Dmitri S. Peskov, told journalists earlier on Monday that the agreement was “halted.”
The Strategic Petroleum Reserve is at its lowest level since 1983 after President Joe Biden authorized the sale of 180 million barrels in 2022 as prices spiked, and now the reserve has the equivalent of 18 days' worth of supplies. Refilling the reserve "could take decades" as prices remain high, the DOE budget to repurchase oil has been reduced, and the Gulf Coast salt cavern that was built with a 25-year life span has been used for nearly 50 years.
