Dow logs record close as Wall Street welcomes Trump's Treasury secretary pick
It's not unusual for one person to help spark a rally, but when that...
It's not unusual for one person to help spark a rally, but when that happens, it's usually Federal Reserve Chairman Jerome Powell. Today, the market continued to climb and set new record highs, possibly thanks to someone less familiar, Treasury Secretary nominee Scott Bessent.
President-elect Trump's nomination of Bessent, who has a reputation as a deficit hawk, was likely a factor in today's sharp Treasury yield slide to nearly one-month lows. This, accompanied by hopes Bessent can help boost U.S. economic growth through lower taxes, appeared to help small-cap stocks and companies more exposed to the domestic market including homebuilders, retailers, auto makers, and freight handlers.
On the other hand, many companies with heavy exposure to foreign markets like semiconductors, health care, and certain retailers also climbed, possibly taking their cue from Bessent as well. The Treasury nominee supports Trump's tariff policy, but media reports said he may see tariff threats as more of a negotiating tactic. The U.S. dollar weakened today on hopes for less pressure on overseas economies if U.S. tariff policy is more nuanced, and that also appeared to lift multinational U.S. stocks. Here's where the major benchmarks ended:
The SPX rose 18.03 points (0.30%) to 5,987.37; the $DJIadded 440.06 points(0.99%) to 44,736.57; and the Nasdaq Composite®($COMP) gained 51.18 points(0.27%) to 19,054.84.
The 10-year Treasury note yield fell 15 basis points to 4.27%.
The CBOE Volatility Index® (VIX)dropped to 14.74, the lowest since November 14.
(Reuters) - Oil prices fell more than $2 a barrel on...
(Reuters) - Oil prices fell more than $2 a barrel on Monday after multiple reports that Israel and Lebanon had agreed to the terms of a deal to end the Israel-Hezbollah conflict, citing unnamed senior U.S. officials.
Brent crude futures settled at $73.01 a barrel, down $2.16, or 2.87%. U.S. West Texas Intermediate crude futures finished at $68.94 a barrel, down $2.30 or 3.23%.
Israel said on Monday it is moving toward a ceasefire in the war with Hezbollah but there are still issues to address, while Lebanese officials voiced guarded optimism but said Israeli Prime Minister Benjamin Netanyahu was not to be trusted.
US gas producers eye slice of the data center demand pie
As AI and data centers fuel energy demand, Permian Basin shale producers...
As AI and data centers fuel energy demand, Permian Basin shale producers see an opportunity to diversify revenue streams. Companies such as Devon Energy and Diamondback Energy are pursuing partnerships with data center operators and exploring carbon capture and storage solutions to attract sustainability-minded tech companies.
US gas production set for 2025 recovery after 2024 cuts
US natural gas drillers such as Coterra Energy, EQT and EOG Resources...
US natural gas drillers such as Coterra Energy, EQT and EOG Resources are preparing to reverse production cuts in 2025 amid expectations for rising demand from new US liquefied natural gas export facilities and higher prices. "The combination of growing LNG exports, increased electrical generation demand and the prospect of winter weather suggests a tighter supply-demand picture for natural gas in 2025 and beyond," said Coterra CEO Thomas Jorden.
The push to electrify the Permian Basin's oil and natural gas operations...
The push to electrify the Permian Basin's oil and natural gas operations is stalling as grid capacity constraints cause years-long delays for remote connections and drive reliance on self-generated power. Houston-based RPower is stepping in with on-site gas-powered facilities that can electrify sites independently or supplement grid connections.
