Dow scores 7-day win streak as stocks move closer to reclaiming record territory
U.S. stocks finished closer to reclaiming...
U.S. stocks finished closer to reclaiming record territory on Thursday, with the Dow Jones Industrial Average advancing for a seventh straight session.
Optimism around eventual Federal Reserve interest-rate cuts has been bolstering not only the blue-chip index, but small-cap stocks as well.
The Dow Jones Industrial Average added about 331 points, or 0.9%, to end near 39,387.
The S&P 500 gained nearly 26 points, or 0.5%, to finish around 5,214.
The Nasdaq Composite rose about 43 points, or 0.3%, to close near 16,346.
The small-cap Russell 2000 index advanced by about 17 points, or 0.9%, to about 2,072.
Equinor Acquires Stake in Standard Lithium Smackover Projects
Equinor has acquired a 45% interest in two lithium projects in Arkansas...
Equinor has acquired a 45% interest in two lithium projects in Arkansas and Texas under development by Standard Lithium, which aims to commercialize direct lithium extraction (DLE) technology in the U.S.
As part of the agreement, Equinor said it would pay Standard Lithium $30 million to compensate for past project costs and interest. The Norway-headquartered company also said it will pay $33 million to progress the assets toward a possible final investment decision (FID) and up to another $70 million if FID is taken, according to a May 8 press release.
U.S. first-time jobless claims jump to nine-month high
The numbers: Initial jobless claims rose by 22,000...
The numbers: Initial jobless claims rose by 22,000 to 231,000 in the week ended May 4, the Labor Department said Thursday. That’s the highest level since last August.
Economists polled by The Wall Street Journal had estimated new claims would rise to 214,000.
Last week claims rose a revised 1,000 to 209,000. That compared with the initial estimate of an unchanged reading at 208,000.
ExxonMobil’s Acquisition of Pioneer Natural Resources Finalized
ExxonMobil’s $64.5 billion buyout of Pioneer Natural Resources is a...
ExxonMobil’s $64.5 billion buyout of Pioneer Natural Resources is a done deal. Together, they operate on 1.4 million acres across the western Delaware and eastern Midland sub-basins.
The large acquisition, first announced in October last year, was finalized last week. The move constituted a marriage of two of the largest fossil fuel companies active in the Permian Basin.
Regulatory hold-up stalls offshore CO2 storage plans
The Biden administration's delay in creating a leasing and permitting...
The Biden administration's delay in creating a leasing and permitting system for storing sequestered carbon in federal waters, as mandated by the 2021 Bipartisan Infrastructure Law, has left the nearly a dozen proposed developments in limbo. During a recent Senate hearing, Interior Secretary Deb Haaland emphasized the complexity of regulating a novel applied technology and said a timeline for finalizing a draft rule was not yet available.
