S&P 500 closes above 5,600 for first time while Dow logs best day since May
U.S. stocks soared to new milestones on Wednesday, with the S&P 500...
U.S. stocks soared to new milestones on Wednesday, with the S&P 500 finishing above 5,600 for the first time and the Nasdaq Composite securing its 27th record close of 2024.
Based on preliminary data, the Dow Jones Industrial Average finished higher by 429.39 points, or 1.1%, at 39,721.36. This was the best day for the Dow Jones since May 31.
The S&P 500 closed up by 56.93 points, or 1%, at 5,633.91 for its 37th record close of 2024. It has closed with six consecutive records in as many sessions, the longest such streak since November 2021.
The Nasdaq Composite ended up by 218.16 points, or 1.2%, at 18,647.45.
The S&P 500 and Nasdaq have each closed higher for seven straight sessions. That's the longest stretch for the S&P 500 since November 8 of last year and matches the longest stretch for the Nasdaq since June 18.
Microsoft to buy 500K DAC carbon credits from Occidental
Microsoft has agreed to acquire 500,000 carbon credits from Occidental...
Microsoft has agreed to acquire 500,000 carbon credits from Occidental Petroleum over six years in an undisclosed deal. The credits will come from Occidental's Stratos direct air capture project in Texas and help Microsoft curb its emissions amid surging demand for AI and data centers. The tech giant has set a goal to become carbon-negative by 2030.
On Tuesday, the Department of Energy (DoE) reported that crude...
On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 500,000 barrels as of July 5. Inventories are now at 373.1 million, up from 372.6 million barrels the previous week. That is the highest level since December 2022, but still short of the 656 million barrels in inventory in June 2020.
Crude oil inventories in the United States fell...
Crude oil inventories in the United States fell this week by 1.9 million barrels for the week ending July 5, according to The American Petroleum Institute (API), after analysts had expected a 250,000-barrel draw.
The API reported a surprise 9.163-million-barrel draw in crude inventories for the week prior.
Gasoline inventories fell by 3 million barrels this week, after last week’s 2.468-million-barrel increase.
The inventory outlier was distillates, which saw a 2.3-million-barrel increase in stockpiles, compared to last week’s 740,009-barrel draw.
Cushing inventories were down 1.2 million barrels this week, according to API data, after rising by 404,000 barrels in the previous week.
Millions of Texans are without power after Hurricane Beryl. It...
Millions of Texans are without power after Hurricane Beryl. It could take weeks for power to be restored to the more than 2 million people who were still without electricity as of yesterday afternoon, CNN reported. The National Weather Service said the outages could create dangerous conditions as the state (and much of the rest of the country) deals with extreme heat. In Houston, where Beryl struck as a Category 1 hurricane on Monday, the heat index passed 100 degrees this week. Texas utility CenterPoint Energy said it expects about 1 million homes to regain power by Wednesday night.
Tesla’s US electric car market share fell below 50% in Q2 for the first time, according to estimates by the research firm Cox Automotive.
Two Democratic senators sent a letter to the Justice Department asking it to appoint a special counsel to investigate if Supreme Court Justice Clarence Thomas broke federal tax laws for allegedly failing to report lavish gifts he received.
Boeing delivered 44 commercial aircraft last month, the most since its 737 Max debacle in January.
Goldman Sachs bought a majority stake in the company that built the stages for Taylor Swift’s Eras Tour.
Disney announced plans for a new cruise ship that will set sail from Tokyo in 2029 as part of the entertainment giant’s 10-year, $60 billion parks and cruises expansion.
Spotify is adding comment sections to its podcast episode pages in a bid to compete with YouTube and presumably give Joe Rogan fans another outlet to discuss conspiracy theories.
