S&P 500 closes at all-time peak as U.S. stocks book big weekly gains
A momentous week ended Friday with the S&P 500® index (SPX)...
A momentous week ended Friday with the S&P 500® index (SPX) closing just shy of 6,000 and all major indexes up sharply since Tuesday's election and Thursday's Federal Reserve rate cut.
Wall Street's party atmosphere got another boost from falling long-term Treasury yields, volatility, and crude oil prices as election uncertainty dissipated. Consumer discretionary and energy stocks led the way this week on hopes for economic growth under a Republican-controlled Senate and White House, but all 11 S&P sectors posted weekly gains..
Monday is Veterans Day, meaning the Treasury market is closed. However, the New York Stock Exchange (NYSE) will trade normal hours.
Here's where the major benchmarks ended:
The SPX rose 22.44 points (0.38%) to 5,995.54 to end the week up 4.66%; the Dow Jones Industrial Average® ($DJI) added 259.65 points (0.59%) to 43,988.99 to end the week up 4.61%; and the Nasdaq Composite®($COMP) climbed 17.31 points (0.09%) to 19,286.78 to end the week up 5.74%.
The 10-year Treasury note yield (TNX) fell four basis points to 4.31%, but the 2-year yield added three basis points to 4.25%. Shorter-term yields, which are more closely connected to near-term rate policy, gained on longer-term ones this week.
The CBOE Volatility Index® (VIX) fell to 14.99, near a two-month low.
Judge: Calif.'s climate rules can move ahead for now
California's new climate disclosure rules can move ahead for now, although...
California's new climate disclosure rules can move ahead for now, although legal challenges remain. US District Judge Otis Wright II is allowing the requirements to proceed while he seeks more information before ruling on whether they violate the First Amendment. Business groups have also challenged the rules on other legal grounds, and these arguments were not covered by Wright's decision.
US Gulf Coast crude futures deliveries surpass Cushing
Deliveries of Intercontinental Exchange's US Gulf Coast crude oil futures...
Deliveries of Intercontinental Exchange's US Gulf Coast crude oil futures have surpassed those of the traditional Cushing, Oklahoma, contract, according to General Index. Open interest by Oct. 31 was 137,000 contracts, an 89% increase from this time last year.
Energy leaders push for balanced energy transition
At the recent ADIPEC Conference, energy leaders from Baker Hughes, SLB,...
At the recent ADIPEC Conference, energy leaders from Baker Hughes, SLB, Inpex and GE Vernova argued that oil and natural gas are integral to a pragmatic energy transition. Baker Hughes CEO Lorenzo Simonelli made the case for prioritizing emissions-reduction technology and positioning natural gas as a permanent solution rather than a temporary bridge.
Updates on the Senate and House races. There’s still ...
Updates on the Senate and House races. There’s still more counting to do, but control of the Senate and House of Representatives is becoming clear. The GOP is poised to retake the Senate, but Democrats picked up a small win when Sen. Jacky Rosen was declared the winner in Nevada yesterday, bringing the party’s likely total in the chamber to 47 compared to Republicans’ 53 (assuming Republican Dave McCormick’s narrow lead over incumbent Democrat Bob Casey holds in Pennsylvania). In the House, 30 races were still being tallied as of yesterday to determine which party will control the lower chamber. If the GOP were to flip the House, it would give Donald Trump full command of the government by a likely razor-thin margin.
California Gov. Gavin Newsom called to convene a special session to “Trump-proof” the state’s policies on reproductive rights and climate change before the president-elect takes office in January.
Sales of dystopian books like The Handmaid’s Tale are surging after Trump’s victory, The Guardian reported.
The FDA proposed banning oral phenylephrine, an ingredient in popular decongestants like Mucinex, because scientists believe it’s ineffective.
Roblox added safety features designed to stop kids under 13 from accessing social hangouts and experiences that make them susceptible to grooming and explicit content.
