Nasdaq leads U.S. stocks higher Friday, though Dow snaps 5-week win streak
U.S. stocks ended higher Friday, but the S&P 500’s rise only left...
U.S. stocks ended higher Friday, but the S&P 500’s rise only left the index flat for the week.
The S&P 500 closed 0.7% higher Friday, while the Nasdaq Composite climbed a sharp 1.1% and the Dow Jones Industrial Average finished little changed, preliminary data from FactSet show.
For the week, the Dow fell 2.3% to snap five straight weeks of gains while the S&P 500 eked out a less than 0.1% rise, according to the preliminary data. The technology-heavy Nasdaq booked a weekly gain of 1.4%.
Despite a dip in first-quarter profits, major US refiners, including...
Despite a dip in first-quarter profits, major US refiners, including Marathon Petroleum, Phillips 66 and Valero Energy, returned a combined $5.5 billion to shareholders through stock buybacks and dividends, highlighting a strategic focus on capital returns. The Energy Information Administration forecasts higher refinery runs in the third quarter, driven by a positive demand outlook.
Golden Pass LNG contractor files for bankruptcy protection
Zachry Holdings, the lead contractor for QatarEnergy and ExxonMobil's...
Zachry Holdings, the lead contractor for QatarEnergy and ExxonMobil's Golden Pass LNG export facility in Texas, has filed for Chapter 11 bankruptcy protection, blaming cost challenges and unresolved negotiations for insolvency. Despite this setback, Exxon remains committed to completing the project and is working with other stakeholders to ensure a smooth transition and minimal disruption, a spokesperson said.
Route challenges at odds with Permian gas pipeline needs
The Permian Basin will need another major natural gas pipeline soon,...
The Permian Basin will need another major natural gas pipeline soon, but the complexities and costs involved in route planning and construction of long pipelines pose significant challenges, according to Kinetik Midstream CEO Jamie Welch. The longer the pipeline, the higher the costs, which can deter shippers from committing to the project, Welch said.
The Biden administration welcomed Kenyan President William Ruto to the...
The Biden administration welcomed Kenyan President William Ruto to the White House yesterday—the first time an African leader has made an official state visit to Washington in over 15 years, the Financial Times reported. President Biden is trying to bolster the US’ relationship with Africa to counter the growing influence of Russia and China on the continent in hopes that a closer relationship with Nairobi will enhance peace and security globally. As part of the meeting, the US is designating Kenya as a “major non-NATO ally,” the first from sub-Saharan Africa to receive the designation.
