Dow ends down more than 1,100 points after Fed's hawkish interest-rate outlook
U.S. stocks finished lower on Wednesday, with the Dow...
U.S. stocks finished lower on Wednesday, with the Dow Jones Industrial Average posting its worst day in over four months after the Federal Reserve decided to lower its benchmark interest rate by 25 basis points but reduced its forecast for further rate cuts in 2025.
The Dow Jones fell 1,123.03 points, or 2.6%, to end at 42,326.87. The blue-chip index fell for a 10th straight session, logging its longest losing streak since October 1974, according to Dow Jones Market Data.
The S&P 500 was off 178.45 points, or nearly 3%, to finish at 5,872.16. The large-cap index suffered its largest one-day point decline since 2020 and its largest one-day percentage fall since Aug. 5, according to Dow Jones Market Data.
The Nasdaq Composite tumbled 716.37 points, or nearly 3.6%, ending at 19,392.69. It was the largest one-day percentage drop for the tech-heavy index since July 24, according to Dow Jones Market Data.
US crude oil stockpiles retreated by 4.7 million barrels last week, exceeding analysts' expectations of a 1.85-million-barrel drop, American Petroleum Institute data show. In contrast, gasoline and distillate inventories gained 2.4 million and 700,000 barrels, respectively, but remain 4% below the five-year seasonal average.
AI boom continues to create challenges for US energy
Power demand is poised to increase by nearly 16% over the next five years,...
Power demand is poised to increase by nearly 16% over the next five years, per Grid Strategies, and utilities are scrambling to keep up with data center demands while keeping the energy transition on track. New generation and transmission assets can take 10 years to build and some utilities have already begun rolling back fossil fuel plant closures to ensure reliability.
DOE study highlights risks of unchecked LNG expansion
The Energy Department's newly released analysis of the environmental...
The Energy Department's newly released analysis of the environmental and economic impacts of US liquefied natural gas exports warns that unrestricted growth could lift domestic gas prices by up to 30%, sideline renewable energy and increase global emissions. While Energy Secretary Jennifer Granholm argued that current export capacity is enough to satisfy long-term global demand, American Petroleum Institute President Mike Sommers called for an end to the LNG permitting pause, claiming it undermines energy security and US energy leadership.
Fed cuts rates by quarter point, scales back cuts for 2025
The Federal Reserve reduced interest rates by...
The Federal Reserve reduced interest rates by a quarter percentage point Wednesday and scaled back the number of cuts it expects to make next year.
In a split vote, the central bank voted to reduce its benchmark interest rate by 25 basis points to a new range of 4.25%-4.5%, initiating its third consecutive rate cut of 2024 despite signs that inflation isn’t entirely going away.
The consensus among Fed officials is for three rate cuts next year, down from four previously forecast in September.
