Dow books biggest weekly loss since March 2023 as stocks slide on Mideast fears
U.S. stocks ended sharply lower Friday, with the Dow Jones Industrial...
U.S. stocks ended sharply lower Friday, with the Dow Jones Industrial Average booking a large weekly loss on investor anxiety over inflation and geopolitical tensions in the Middle East.
The Dow Jones Index dropped 475.84 points, or 1.2%, to close at 37,983.24.
The S&P 500 fell 75.65 points, or 1.5%, to finish at 5,123.41
The Nasdaq Compositelost 267.10 points, or 1.6%, to end at 16, 175.09.
For the week, the Dow sank 2.4%, the S&P 500 slid 1.6% and the Nasdaq declined 0.5%. The Dow suffered its biggest weekly percentage loss since March 2023, while the S&P 500 saw it worst week since October, according to Dow Jones Market Data.
JPMorgan Chase & Co. and Wells Fargo & Co. Inc.'s stocks fell in premarket trade, even after both banks posted better-than-expected earnings for the first quarter.
JPMorgan was last down 4%, while Wells Fargo was off by 1.8%.
Investors are now awaiting numbers from Citigroup Inc. and updates on its latest restructuring plans. Citi's stock was down 0.4%.
Leadership shuffle announced at Mach Natural Resources
The company announced in an...
The company announced in an SEC filing that Daniel T. Reineke, Jr., Executive Vice President of Business Development plans to resign effective April 19.
” Mr. Reineke’s resignation was not a result of any disagreements with the Partnership or the General Partner or its officers or employees, and we thank him for his service,” stated the company in the filing.
Reineke has been the Executive Vice President since Mach Natural Resources was founded in 2017. According to his resume, prior to joining the Company, he served as Chief Investment Officer for TLW Trading since 2013.
BLM removes 3,000 acres from oil and gas lease sale in Permian Basin
The Bureau of Land Management contends oil and gas drilling and production...
The Bureau of Land Management contends oil and gas drilling and production on the land could lead to contamination of the water table and the collapse of nearby cave systems.
The Carlsbad Current-Argus reported the BLM removed 3,152 acres from its June 20 second quarter lease lease sale. The land is in the Carlsbad area and includes parcels in Eddy, Lea, and Chaves Counties in New Mexico. Some land is also in Texas.
Eddy and Lea Counties are among the prime oil producers in the state’s share of the Permian Basin.
More US capital seen flowing to Canada's oil, gas sector
US investments in the Western Canadian Sedimentary Basin are poised for...
US investments in the Western Canadian Sedimentary Basin are poised for a comeback as expanded market access, improved profitability and a favorable price environment entice investors, Canadian producers said at a recent energy event in Toronto. "The dollar tends to move quickly in the US, but in Canada with TMX and LNG Canada [start up due this summer] were are hearing conversations of more US companies and funds coming North and we see changes happening," said NuVista Energy CEO Jonathan Wright.
