S&P 500 seals record close as Trump demands lower oil prices and interest rates
Stocks ended mostly higher Thursday, with the S&P...
Stocks ended mostly higher Thursday, with the S&P 500 notching its first record finish since Dec. 6 — and its first of President Donald Trump's second term.
It didn't take much, after the large-cap benchmark ended just shy of a record in Wednesday's session. Stocks got a modest lift after Trump — speaking remotely in Davos, Switzerland, to powerful political and business leaders attending the World Economic Forum's annual meeting — called on OPEC to lower oil prices and made a demand for lower interest rates in the U.S. and around the world.
The Federal Reserve and other central banks aren't likely to hop to such a demand, while experts said it's possible Trump's remarks could help give OPEC an excuse to boost production. Perhaps more important to the market reaction, analysts said, is that Trump didn't significantly ramp up tariff threats, which may have provided some modest relief.
In the end, the S&P 500added 32.34 points, finished the day up 0.5%, and closing at 6,118.71, according to FactSet data, surpassing its previous record finish of 6,090.27.
The Dow Jones Industrial Average rose 408.34 points, or 0.9%, ending at 44,565.07. That left it only 1% off its previous record close in early December, according to Dow Jones Market Data.
The Nasdaq Composite gained 44.34 points, or 0.2%, closing at 20,053.68, which was 0.6% away from its record close on Dec. 16.
Latest data by the industry body American Petroleum Institute (API) showed...
Latest data by the industry body American Petroleum Institute (API) showed an increase of 1 million barrels of crude oil inventories in the US for the week ending January 17. This is the first increase in crude oil inventories after five weeks of continuous decline in inventories.
Official data from the US EIA (Energy Information Administration) is expected later on Thursday. EIA data will give a clear picture on the crude oil inventory levels in the US for the week ending January 17.
Market players are also analysing the potential impacts of the decision to impose tariffs on several nations by the US President, Donald Trump. They feel that such moves could impact the global economy. This in turn could impact the demand for commodities such as crude oil.
Italy Will Finalize Plan to Return to Nuclear Power by 2027
Italy looks to finalize by the end of 2027 plans...
Italy looks to finalize by the end of 2027 plans and legislation that would allow a return to nuclear power generation after more than four decades, Italian Energy Security Minister and Environment Minister, Gilberto Pichetto Fratin, told Italian business daily Il Sole 24 Ore in an interview published on Thursday.
Italy halted nuclear reactors after a referendum in 1987 following the Chornobyl disaster a year earlier. In 2011, Italians rejected again the use of nuclear power in yet another referendum.
But Italy’s current government led by Giorgia Meloni said last year that it plans to adopt legislation to return to nuclear power with the latest generation of small modular reactors (SMRs), as part of efforts to decarbonize industry.
Kinder Morgan to Build $1.7B Texas Pipeline to Serve LNG Sector
Kinder Morgan will build a 1.5-Bcf/d natural gas pipeline, the Trident...
Kinder Morgan will build a 1.5-Bcf/d natural gas pipeline, the Trident Intrastate, to move gas from the Houston area to the LNG and industrial corridor near Port Arthur, Texas, the company said Jan. 22.
The company expects the $1.7 billion, a 216-mile pipeline, originating in Katy, Texas, to begin service in first-quarter 2027, pending receipt of required permits and approvals.
Technological innovations, rising demand projections and major offshore...
Technological innovations, rising demand projections and major offshore discoveries from the Gulf of Mexico to Guyana are bringing deepwater drilling back into the spotlight as shale production shows signs of plateauing. Gulf of Mexico oil capacity is poised for significant expansion this year thanks to new projects such as Whale, Anchor and Shenandoah.
