Dow ends over 200 points lower as U.S. stocks retreat from record territory
U.S. stocks ended lower on Thursday, putting a little...
U.S. stocks ended lower on Thursday, putting a little more daylight between them and record territory claimed earlier in the week.
Investors have been focused on what Donald Trump's second presidential administration will look like, with several top cabinet picks emerging in recent days. But there's still much uncertainty on what to expect in 2025.
The Dow Jones Industrial Average fell about 207 points, or 0.5%, ending near 43,750, according to preliminary data from FactSet.
The S&P 500 index shed about 36 points, or 0.6%, closing around 5,949.
The Nasdaq Composite index retreated about 123 points, or 0.6%, finishing near 19,107.
Despite the Mountain Valley Pipeline's recent completion, Appalachia's...
Despite the Mountain Valley Pipeline's recent completion, Appalachia's energy infrastructure remains constrained, with no new natural gas pipelines yet on the horizon. Industry leaders at the recent DUG Appalachia Conference agree that while legal and regulatory hurdles persist, commercial viability of new pipeline projects in Appalachia is primarily determined by demand and gas prices.
U.S. first-time unemployment claims fall to lowest level since May
Initial jobless claims fell...
Initial jobless claims fell by 4,000 to 217,000 in the week ending Nov. 9, the lowest level since May. This was better than the expected 1,000 decline to 220,000. Before seasonal adjustments, the number of new claims jumped by 16,735 to 229,478. The number of people already collecting unemployment benefits fell by 11,000 to 1.87 million.
Despite the mixed data, the overall picture suggests companies are not rushing to hire at the same pace as earlier in the year and are not aggressively laying off workers. Richmond Fed President Tom Barkin noted that employers are wary of being understaffed again after the pandemic. Economists believe the Federal Reserve's current policy approach of gradual tightening is appropriate given the strength in the labor market.
Canadian oil sector cautiously optimistic on Trump
US refiners' heavy reliance on Canadian crude make tariffs on oil imports...
US refiners' heavy reliance on Canadian crude make tariffs on oil imports from the north unlikely, although President-elect Donald Trump's pro-oil policies might intensify competition for global market share, industry insiders say. Looser regulations in the US could inspire Canada to streamline its own policies and boost investments to keep pace with American productivity, according to Explorers and Producers Association of Canada CEO Tristan Goodman.
N.D. seeks to defend Dakota Access Pipeline in lawsuit
A potential shutdown of the Dakota Access Pipeline would hurt North Dakota's...
A potential shutdown of the Dakota Access Pipeline would hurt North Dakota's economy, state officials argued in a request to intervene in a Standing Rock Sioux Tribe lawsuit challenging the US Army Corps of Engineers' approval of the pipeline. The state estimates a revenue decline of $900 million within the first year of closure and up to 11,000 lost energy jobs.
