U.S. stocks end sharply higher in rebound from Friday selloff
U.S. stocks ended sharply higher on Monday, rebounding...
U.S. stocks ended sharply higher on Monday, rebounding from Friday's selloff, after President Donald Trump softened his rhetoric around trade tensions with China.
The Dow Jones Industrial Average went up 587.98 points or 1.3% to end at 46,067.58, snapping a five-day losing streak, according to the Dow Jones Market Data. The index posted its largest one-day point and percentage gain since Sept. 11.
The S&P 500 rose 102.21 points or 1.6% to finish at 6,654.72. It was the index’s largest point and percentage gain since May 27.
The Nasdaq Composite climbed 490.18 points or 2.2% to close at 22,694.61. It was the index’s largest one-day point gain since May 12 and its largest one-day percentage gain since May 27.
Both the S&P 500 and the Nasdaq Composite snapped back-to-back losses.
From X.com: oil oversupply concerns are short term
Exxon’s Woods says oil oversupply concerns...
Exxon’s Woods says oil oversupply concerns are short term in nature. Over med-long term,”markets will be tight” and industry doesn’t have enough investment in the pipeline to comfortably meet future demand growth. @energyintel
Americans will observe Columbus Day/Indigenous Peoples’...
Americans will observe Columbus Day/Indigenous Peoples’ Day on Monday, a day that has become a lightning rod of controversy.
Originally known just as Columbus Day, the holiday, which has its roots going as far back as the 18th Century, honors the Italian explorer who arrived in America in 1492. Over the years, it has become a broader celebration of Italian-American culture and was first observed as a federal holiday — on the second Monday in October — in 1971.
But over time, the day has also become known as Indigenous Peoples’ Day in recognition of the native people who called America home before Columbus’ arrival. In 2021, President Joe Biden recognized Indigenous Peoples’ Day with a proclamation. But President Donald Trump has pushed back, calling for the day to be a celebration of Columbus, with a White House proclamation hailing the explorer as “the original American hero.”
No matter how one marks the day, it is worth noting that many institutions are closed in recognition of it, including the post office, banks, and schools. The Stock Market is OPEN, but bond markets are closed.
They’re free. Two years — 737 days, to be exact — after the Hamas...
They’re free. Two years — 737 days, to be exact — after the Hamas terror attack that set off the war in Gaza, the last 20 living Israeli hostages left Gaza this morning. In exchange, nearly 2,000 Palestinian prisoners and detainees are being let go; the first buses filled with them just started arriving in the West Bank city of Ramallah.
The releases are part of the first phase of a cease-fire deal that took hold Friday. A triumphant President Trump, the force behind the deal, flew in Air Force One over jubilant crowds in Tel Aviv’s Hostages Square and timed the plane’s touchdown to coincide exactly with the first hostages’ arrival in Israel. He is about to address Israel’s Parliament and then will head to a summit of world leaders in Egypt, where the agreement was negotiated.
“Israel has won all that can be won by force of arms,” Trump planned to say, according to prepared remarks released by the White House. “Now, it is time to translate these victories against terrorists on the battlefield into the ultimate prize of peace and prosperity for the entire Middle East.”
U.S. drillers cut oil and gas rigs for first time in 6 weeks, Oklahoma drops 3 rigs
Nationally, the combined oil and gas rig count is down two from...
Nationally, the combined oil and gas rig count is down two from last week at 547 rigs. A year ago, 586 rigs were active. The count shows that 418 rigs are drilling for oil, down fourfrom the previous week, and 120 are exploring for natural gas,up twofrom the previous week. The count also shows nine miscellaneous rigs, unchanged from the previous week.
The rig count in the Permian Basin was down one this week, the latest Baker Hughes count shows, with 250 rigs active in the region. A year ago, 304 rigs were active in the region. Oklahoma dropped 3 rigs for the week.
The U.S. rig count peaked at 4,530 in 1981. It bottomed out in August of 2020 at 244.
The regional benchmark Plains-West Texas Intermediate Posting ended Friday at $55.38 per barrel, down $1.98 from last Friday’s close. National benchmark West Texas Intermediate crude ended at $58.90 per barrel, down $1.98 from the previous week.
