Dow ends up nearly 300 points as stocks bounce back from worst day in nearly 2 years
U.S. stocks finished...
U.S. stocks finished higher on Tuesday, clawing back some losses from their worst day in nearly two years, as investors paused from concerns that the U.S. economy could be heading toward a recession.
The Dow Jones Industrial Average rose 0.8%, to end near 38,996, according to preliminary data from FactSet.
The S&P 500 was up 1%, to finish around 5,239.
The Nasdaq Composite ended 1% higher, at around 16,366.
U.S. trade deficit recedes from 19-month high as oil exports rise
The numbers: The trade deficit fell by 2.5% in...
The numbers: The trade deficit fell by 2.5% in June and receded from a 19-month high, owing to higher exports of aircraft and U.S.-produced oil and gas.
Government data showed that the deficit dropped to $73.1 billion in June from $75.0 billion in May.
Still, a bigger trade gap in the second quarter shaved 0.7 percent points off the 2.8% annual rate of growth in the second quarter. Higher deficits subtract from the gross domestic product.
Cheniere, Galp Sign LNG Agreement for Sabine Pass Expansion
Cheniere Energy Inc.’s subsidiary Cheniere...
Cheniere Energy Inc.’s subsidiary Cheniere Marketing LLC signed a long-term LNG sale and purchase agreement (SPA) with Galp Energia subsidiary Galp Trading SA, the companies announced in an Aug. 5 press release.
Under the 20-year SPA, Galp Trading will purchase 0.5 million tonnes per annum (mtpa) from Cheniere Marketing on a free-on-board basis for a Henry Hub purchase price and a fixed liquefaction fee.
Deliveries will begin in the early 2030s and remain subject to a final investment decision on the second train of the Sabine Pass Liquefaction Expansion Project. Galp will purchase a limited number of cargoes before the start of the second train.
Diamondback, on Hold for Endeavor Deal, Divests in Delaware Basin
Diamondback Energy, still awaiting regulatory approval to close its $26...
Diamondback Energy, still awaiting regulatory approval to close its $26 billion acquisition of Endeavor Energy Resources, has started to prune non-core assets from its portfolio, the company said in an Aug. 5 letter to shareholders.
During the second quarter, Diamondback said it received proceeds of approximately $150 million due to continued “portfolio optimization,” according to a letter from Diamondback Chairman and CEO Travis D. Stice.
“This included a $95 million sale of non-operated properties in the Delaware Basin as well as other smaller non-core transactions,” Stice said.
Oklahoma’s gross production tax revenue dropped 37% in past year
The Oklahoma Treasurer’s office announced an overall revenue increase for the state in July but a more...
The Oklahoma Treasurer’s office announced an overall revenue increase for the state in July but a more than $600 million drop in revenue from the Gross Production Tax.
Treasurer Todd Russ stated that the Gross Production Tax totaled $1.1 billion but was off $639.9 million, or 37%, for the last 12 months.
The 7% gross production tax applies to natural gas and oil production and is seen as an alternative to property tax.
