S&P 500, Nasdaq post sharp gains Friday as tech stock rally higher
The U.S. equities market finished higher Friday as technology stocks...
The U.S. equities market finished higher Friday as technology stocks rallied, with all three major benchmarks booking weekly gains.
The Dow Jones Industrial Averagerose 153.86 points, or 0.4%, to close at 38,239.66.
The S&P 500gained 51.54 points, or 1%, to finish at 5,099.96.
The Nasdaq Compositejumped 316.14 points, or 2%, to end at 15,927.90.
For the week, the Dow gained 0.7%, the S&P 500 advanced 2.7% and the Nasdaq surged 4.2%. The Nasdaq and S&P 500 each booked their biggest weekly climbs since early November, while the Dow had its best week in about a month.
Apollo to Buy, Take Private U.S. Silica in $1.85B Deal
Investment firm Apollo has agreed to buy and take private U.S. Silica...
Investment firm Apollo has agreed to buy and take private U.S. Silica Holdings, a proppant services company, in an all-cash transaction valued at $1.85 billion, the companies said on April 26. As part of a definitive agreement, Apollo will give U.S. Silica a 45-day window to seek a more attractive offer.
The deal comes amid consolidation among service companies in the wake of upstream deals that have in the past year created behemoth E&Ps, particularly in the Permian Basin.
Under the terms of the agreement, U.S. Silica stockholders will receive $15.50 per share in cash for each share of common stock owned as of the closing of the transaction.
New rule requires federal buildings to go fossil fuel-free
The Biden administration...
The Biden administration has issued a final rule that mandates new federal buildings to phase out fossil fuel use, thwarting the natural gas industry's longstanding efforts to block the regulation. Under the rule, federal buildings built between 2025 and 2029 must cut fossil fuel use by 90%, while those built after 2030 must completely eliminate on-site fossil fuel use.
Easing geopolitical tensions, Russia's swift refinery repairs and the...
Easing geopolitical tensions, Russia's swift refinery repairs and the end of US refinery maintenance season are expected to help soften US gasoline prices before the summer driving season begins. "Money managers were reducing their bets on higher energy prices last week, in what appears to be an unwind of the positions added the prior week when it seemed like we might have an all-out war between Israel and Iran," wrote traders at wholesale fuel supplier TACenergy.
US shale drillers deploy new tech to boost productivity
After years of declining shale productivity, breakthroughs such as three-mile...
After years of declining shale productivity, breakthroughs such as three-mile laterals, simultaneous fracking tech, and electric pumps are breathing new life into US shale operations, promising to make fracking more efficient and economical. Adoption of simul-fracking, which can slash well costs by $200,000 to $400,000 each, is rising, despite barriers such as high upfront costs and the necessity to have multiple pre-drilled wells that can be fracked simultaneously.
