Dow ends down over 500 points as financials weigh on stocks
U.S. stocks closed sharply lower Thursday, with the selloff deepening...
U.S. stocks closed sharply lower Thursday, with the selloff deepening in afternoon trade as investors monitored tumbling bank stocks and waited on a highly anticipated monthly jobs report to help gauge how high-interest rates may be headed. The Dow Jones Industrial Average DJIA fell about 543 points, or 1.7%, ending near 32,254, while the S&P 500 index SPX shed 1.9% and the Nasdaq Composite Index COMP closed down 2.1%, according to preliminary FactSet data. The S&P 500’s financial sector shed 4.1%, in most of its subsectors after SVB Financial Group SIVB sold securities at a $1.8 billion loss. Investors also were waiting on an update on the labor market on Friday. “There is a lot riding on the monthly jobs report,” said Brad McMillan, chief investment officer at Commonwealth Financial Network, in a written commentary ahead of the Friday data release.
EIA reports a weekly U.S. natural-gas supply decline that matches market expectations
The U.S. ...
The U.S. Energy Information Administration reported on Thursday that domestic natural-gas supplies fell by 84 billion cubic feetfor the week ended March 3. That matched the average analyst forecast in a survey conducted by S&P Global Commodity Insights. Total working gas stocks in storage for the latest week were at 2.030 trillion cubic feet, up 493 billion cubic feet from a year ago and 359 billion cubic feet above the five-year average, the government said. Following the data, April natural gas NGJ23, +0.12% was up 3.8 cents, or 1.4%, at $2.589 per million British thermal units on the New York Mercantile Exchange. Prices traded at $2.633 before the supply data.
GM making buyout offer to all salaried employees in U.S. with five years’ tenure
General Motors Co. on Thursday announced employee buyouts that are expected to lead to charges of $1.5...
General Motors Co. on Thursday announced employee buyouts that are expected to lead to charges of $1.5 billion as the automaker seeks to be “nimble in an increasingly competitive market.”
The announcement comes a little over a week after the Detroit News reported that GM was cutting about 500 jobs, which came roughly a month after the company said it wasn’t planning layoffs.
The buyouts, which the company is calling a voluntary separation program, are being offered to U.S. salaried employees with at least five years of service and to global executives with at least two years of service, GM said.
The program offers employees “an opportunity to make a career change or retire earlier,” the company said. “Employees are strongly encouraged to consider the program.”
London — Oil fell for a third day on Thursday as fear about...
London — Oil fell for a third day on Thursday as fear about the economic effect of rising interest rates offset a surprise drop in US crude inventories and hope for Chinese demand.
US Federal Reserve chair Jerome Powell’s comments this week on the likelihood that interest rates will need to be raised more than previously expected in response to recent strong data continued to weigh on oil and other risk assets because of the potential effect on economic and demand growth.
Brent crude fell by 34c, or 0.4%, to $82.32 a barrel by 9.02 am GMT, while US West Texas Intermediate crude slipped by 11c to $76.55. Both benchmarks fell between 4% and 5% over the previous two days.
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