Benchmark U.S. crude oil for March delivery rose 86 cents to $81.01 a barrel Thursday. Brent crude for March delivery rose $1.35 to $87.47 a barrel. Wholesale gasoline for February delivery rose 2 cents to $2.61 a gallon. February heating oil rose 4 cents $3.40 a gallon. February natural gas fell 13 cents to $2.94…
Closing Prices for Crude Oil, Gold and Other Commodities (Jan. 26)
January 26, 2023
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Wall Street Climbs to Hit Best Level in Nearly 8 Weeks
NEW YORK—Stocks rose Thursday to send Wall Street to its highest level in nearly eight weeks following reports suggesting the economy and corporate profits may be doing better than feared. The S&P 500 climbed 1.1 percent to clinch its highest finish since Dec. 2. The Dow Jones Industrial Average gained 205 points, or 0.6 percent,…
Wall Street Opens Higher on Soft Landing Hopes, Tesla Boost
Wall Street’s main indexes opened higher on Thursday after data showing a resilient labor market and better-than-expected economic growth last quarter helped ease worries of a deep recession, while Tesla’s bullish outlook added to the cheer. The Dow Jones Industrial Average rose 27.82 points, or 0.08 percent, at the open to 33,771.66. The S&P 500…
Renewable Power Projects Slow in US Over High Costs and Community Opposition
January 26, 2023
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Business & Marketsclimate change agendaeconomic policieseconomyenergyEnvironmentInflation Reduction ActMarketsRenewable EnergySciencesolar energyUSUS Newswind power
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The installation of wind and solar power projects is slowing down in the United States, with some projects being canceled over persistent cost issues and community animosity. New utility-scale solar installations are estimated to have fallen by 40 percent in 2022 compared to the previous year, according to a report from research firm Wood Mackenzie….
SAP to Cut Up to 3,000 Jobs Worldwide, Mulls Qualtrics Sale
January 26, 2023
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Business & MarketsCompaniescutseconomyEuropeGermanyInternationaljobsMarketsMedia & Big TechrecessionSAPWorld
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BERLIN—SAP said Thursday that it is cutting up to 3,000 jobs worldwide, or about 2.5 percent of its workforce, after a sharp drop in profits at Europe’s biggest software company. It comes amid a broader wave of job cuts in the technology industry, including mass layoffs at Google, Amazon, Microsoft, and other tech giants in…
Dollar Skulks at 8-Month Low, Central Bank Meetings in Focus
SINGAPORE/LONDON—The dollar fell to an eight-month low against its peers on Thursday, as a gloomy U.S. corporate earnings season stoked recession fears ahead of a slew of central bank meetings next week The euro squeezed its way to a new nine-month high of $1.09295 and was last just below that level, little changed on the…
Oil Prices Firm on China Demand Optimism
January 26, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil prices rose 1 percent on Thursday on expectations that demand will strengthen as top oil importer China reopens its economy and on news U.S. crude inventories have risen less than expected. Brent crude futures rose 78 cents, or 0.9 percent, to $86.90 a barrel by 1046 GMT. U.S. West Texas Intermediate (WTI) crude futures…
Hopes of Slowdown in Rate Hikes Bolster Shares Ahead of US GDP
January 26, 2023
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Business & MarketsCompanieseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsrecessionstocks
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LONDON—Stocks firmed on Thursday as investors bet that central banks meeting next week will signal a slowdown or even a pause in interest rate hikes for later in the year to make recession less likely and ease pressure on corporate earnings. Oil prices were steady after U.S. crude stocks rose less than expected, while gold…
Tesla Posts Record Profit Despite Slashing Prices Amid Waning Demand
Tesla posted record profits and revenues for 2022, despite slashing prices on a number of its electric vehicles in a bid to bolster sales as the auto industry faces waning demand. The electric vehicle maker posted (pdf) $24.32 billion in revenue for the fourth quarter ended Dec. 31, up 37 percent year-over-year from $17.7 billion in the same…
Microsoft’s Dour Outlook Raises Red Flags for Tech Sector
Microsoft Corp.’s lackluster quarterly outlook points to more gloom ahead for the tech sector, analysts said, after the tech bellwether warned that its customers were cautious about spending in a turbulent economy. The warning from Microsoft, the second most valuable U.S. company, came after a steep fall in client spending prompted tech heavyweights from Amazon.com…
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