Oil prices climb 1% to two-week high as Ukraine war intensifies
(Reuters) -Oil prices...
(Reuters) -Oil prices climbed about 1% to a two-week high on Friday as the intensifying war in Ukraine this week boosted the market's geopolitical risk premium.
Brent futuresrose 94 cents to $75.17 a barrel,while U.S. West Texas Intermediate (WTI) crude rose $1.14 to $71.24.
That put both crude benchmarks up about 6% for the week and on track for their highest closes since Nov. 7 as Moscow steps up its Ukraine offensive after Britain and the U.S. allowed Kyiv to strike deeper into Russia with their missiles.
"The Russia-Ukraine escalation has raised geopolitical tensions beyond levels seen during the year-long conflict between Israel and Iran-backed militants," said Saxo Bank analyst Ole Hansen.
Dow closes at record high, S&P 500 scores weekly gain ahead of Thanksgiving
(Friday market close) Wall Street finished the pre-holiday...
(Friday market close) Wall Street finished the pre-holiday stretch with its fifth-straight winning session even as AI-giant Nvidia (NVDA) missed the party and tech mainly stayed home. Hopes for an improved business climate under the next U.S. administration delivered a tailwind for most other sectors.
One question heading into Friday was whether Thursday's surge in cyclical stocks that often track the U.S. economy would spill over. To some extent, it did, which could help explain why the Dow Jones Industrial Average® ($DJI) and small caps outpaced the broader market and tech. The $DJI posted a record close. Here's where the major benchmarks ended:
The S&P 500® index (SPX) rose 20.63 points (0.35%) to 5,969.34 to end the week up 1.68%; the $DJI gained 426.16 points (0.97%) to 44,296.51 to end the week up 1.96%; and the Nasdaq Composite®($COMP) added 31.23 points (0.16%) to 19,003.65 to end the week up 1.73%.
The 10-year Treasury note yield fell two basis points to 4.41% and is down two basis points for the week, while the 2-year note yield rose seven basis points this week as rate cut odds fell.
The CBOE Volatility Index® (VIX)fell sharply to 15.31 and finished slightly lower for the week.
Winter storm watches and warnings in effect as snow, rain hit swaths of the U.S. ahead of Thanksgiving travel
Millions of people across the United States remained...
Millions of people across the United States remained under winter weather advisories on Friday as two colliding storm systems continue to bring strong winds, rain and snow to much of the country just as people are gearing up for Thanksgiving travel.
"Impactful and for some dangerous weather conditions will continue through early weekend as two separate storm systems impact the Lower 48," the National Weather Service said in a bulletin on Friday.
In California, an atmospheric river is forecast to bring "heavy rain and life-threatening flooding" to northern portions of the state. The Pacific Northwest will see strong wings and "heavy mountain snow." Meteorologists say portions of the Great Lakes, central Appalachians, Pennsylvania and New York could see "heavy snow" into Saturday.
Fitness rule for offshore drilling faces uncertain future
The Biden administration could publish a draft of the long-awaited fitness...
The Biden administration could publish a draft of the long-awaited fitness to operate standard for offshore oil and natural gas operations in January, months later than originally planned. The rule, which could prevent companies with poor compliance records from acquiring new drilling leases, could be revised or indefinitely delayed by the Trump administration.
Russia reportedly struck Ukraine with an experimental missile
Kyiv accused Russia of launching an intercontinental...
Kyiv accused Russia of launching an intercontinental ballistic missile (ICBM)—a missile capable of delivering a nuclear warhead—but US officials said it was actually a “medium-range” experimental missile. In a televised statement, Russian President Vladimir Putin said the strike was “in response to the use of American and British long-range weapons.” The US recently gave Ukraine the green light to launch American-made missiles into Russia, which the country did for the first time this week. The experimental missile launch marks the latest escalation in a conflict that has now lasted more than 1,000 days.
