U.S. stocks stage late rally to close higher after volatile trading session
U.S. stocks closed higher on Monday, recouping earlier...
U.S. stocks closed higher on Monday, recouping earlier losses that came after Federal Reserve Chair Jerome Powell’s comments at a conference Monday, which were viewed as disappointing to investors looking for aggressive interest-rate cuts from the central bank’s final two meetings this year.
The Dow Jones Industrial Average rose 17.15 points, or 0.04%, to end at 42,330.15, a record closing high. It is the index's 33rd record close of this year. The Dow rose 3211.29 points, or 8.21%, in the third quarter.
The S&P 500 gained 24.31 points, or 0.42%, to finish at 5,762.48, also a record close. It is the index's 43rd record finish of the year. The index rose 302.00 points, or 5.53%, in the third quarter for its fourth straight quarterly gain. It is the S&P 500's longest quarterly winning streak since the one ending in the fourth quarter of 2021, when it rose for seven straight quarters.
The Nasdaq Composite added 69.58 points, or 0.38%, to 18,189.17. It was up 456.57 points, or 2.57%, for the quarter and also booked its fourth consecutive quarterly gain. It's the Nasdaq's longest quarterly winning streak since the one ending in the second quarter of 2021, when it rose for five straight quarters.
Oil, gas boom push US midstream sector into growth mode
As US oil and natural gas...
As US oil and natural gas production hit record highs, the midstream sector is racing to expand infrastructure in response to surging domestic power demand and booming exports of liquefied natural gas and natural gas liquids, all while navigating regulatory hurdles, industry consolidation, and rising volatility. Despite these challenges, Kinetik President and CEO Jamie Welch argues that improved balance sheets, reduced leverage, and greater discipline have left the sector in its best financial shape ever.
The Texas Public Utility Commission has greenlit a plan to expand power...
The Texas Public Utility Commission has greenlit a plan to expand power grid access in the Permian Basin to keep pace with the oil and natural gas industry's growing electricity needs. The push to electrify oil and gas operations could boost Permian electricity demand to nearly 27 gigawatts by 2038, potentially requiring up to $15.32 billion in grid upgrades, ERCOT estimates.
Markets: It’s been a September to remember for the stock market after the S&P 500 and Dow hit fresh highs last week. Thursday was the 42nd record-high close for the S&P this year, and on Friday, the Dow notched its 32nd record-high close, per CNN Business. Recent data indicates that all the ingredients are coming together for a “soft landing”: The economy is staying strong while inflation has continued to fall. And more rate cuts are on their way.
Stock spotlight: Meta’s rally this year has been fruitful for its CEO’s bank account. The net worth of Mark Zuckerberg, who owns a 13% stake in his company, climbed above $200 billion for the first time, per Bloomberg. He’s now the fourth-richest person in the world.
Investors debating the Federal Reserve's next rate move get to hear from Chair Jerome Powell himself Monday afternoon, when he delivers remarks at an economics conference. But don't expect him to settle whether the central bank is likely to deliver another jumbo-size rate cut of 50 basis points or a more standard 25 basis points when policymakers meet in November.
The deaths of at least 91 people have been attributed to Helene across...
The deaths of at least 91 people have been attributed to Helene across the Southeast, though North Carolina Gov. Roy Cooper said the death toll was likely to rise in his state as a result of what he called an “unprecedented tragedy.” Due to high winds and torrential rains, several million customers remained without power as of yesterday evening. The economic losses and damages could total as much as $110 billion, according to AccuWeather’s preliminary estimates, which would make Helene one of the costliest storms ever to hit the US.
