The hype over artificial intelligence has resulted in a positive performance in the U.S. stock market this year, says a Societe Generale analyst. “The AI boom and hype is strong,” London-based Manish Kabra, a strategist at the financial services company, said in a note on Friday, according to Bloomberg. “So strong that without the AI-popular stocks, S&P…
Stock Market Today: Wall Street Slips as Households Get More Nervous
NEW YORK—Another seemingly listless week on Wall Street came to a quiet close on Wall Street Friday, but big worries continue to roil under the surface. The S&P 500 dipped 6.54 points, or 0.2 percent, to 4,124.08 to cap a sixth straight week where it moved by less than 1 percent. The Dow Jones Industrial…
Closing Prices for Crude Oil, Gold, and Other Commodities (May 12)
May 12, 2023
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Benchmark U.S. crude oil for June delivery fell 83 cents to $70.04 a barrel Friday. Brent crude for July delivery fell 81 cents to $74.17 a barrel. Wholesale gasoline for June delivery fell 3 cents $2.43 a gallon. June heating oil fell 4 cents to $2.31 a gallon. June natural gas rose 8 cents to…
State Attorneys General Act to Stop BlackRock from Acquiring Large Stakes in US Electric Utilities
May 12, 2023
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State attorneys general of 17 states filed a motion this week with the Federal Energy Regulatory Commission (FERC) to stop BlackRock, the world’s largest asset manager and an outspoken advocate for replacing fossil fuels with wind and solar power, from acquiring large shares in America’s utility companies. To protect the independence and stability of America’s…
Louisiana’s Biggest Hospital System Lays Off 770 People
May 12, 2023
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Business & MarketsCompanieseconomyinflationlayoffsLouisianaMarketsMississippiOchsner HealthRegional & State NewsRegional NewsState NewsUSUS News
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Louisiana’s largest hospital system and one of its largest private employers, Ochsner Health, plans on laying off 770 employees. The job cuts will affect 42 hospitals and more than 200 urgent care and health centers in Louisiana and Mississippi. Ochsner CEO Pete November wrote in a May 11 email to employees (pdf) that the cutbacks would not affect doctors, nurses,…
Top Fed Official Warns Inflation Still Too High and More Rate Hikes May Be Appropriate
A senior Federal Reserve official said that the latest price data show inflation is still too high to warrant an easing of monetary policy and may even require further interest rate hikes The remarks deliver a counterpoint to growing market expectations for a so-called Fed pivot. Michelle Bowman, who sits on the Fed’s Board of…
Stock Market Today: Wall Street Edges Lower Following Inflation Data, Drops for Disney, Banks
NEW YORK—Wall Street edged lower Thursday, weighed down by a sharp drop for The Walt Disney Co. and flaring fears about the health of some U.S. banks. The S&P 500 lost 7.02 points, or 0.2 percent, to 4,130.62, with two out of every three stocks in the index falling. The Dow Jones Industrial Average lost…
Closing Prices for Crude Oil, Gold, and Other Commodities (May 11)
May 11, 2023
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Benchmark U.S. crude oilBrightBusiness & MarketsgoldGold and CommoditiesinvestingMarketspersonal finance
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Benchmark U.S. crude oil for June delivery fell $1.69 to $70.87 a barrel Thursday. Brent crude for July delivery fell $1.43 to $74.98 a barrel. Wholesale gasoline for June delivery fell 3 cents $2.46 a gallon. June heating oil fell 4 cents to $2.35 a gallon. June natural gas was unchanged at $2.19 per 1,000…
Top Congressional Democrat Defends ‘Woke’ ESG Investing
May 11, 2023
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Business & MarketsCompaniescongressDemocratseconomic policieseconomyESGHouse Oversight CommitteeInvestmentJamie RaskinMarketsPolicies & ImpactsPoliticsRepublicansUSUS News
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A top congressional Democrat defended “woke” Environmental, Social, and Governance (ESG) ideology and that investors need to be “watchful and alert to opportunities and risks.” Rep. Jamie Raskin (D-Md.) blasted Republican attacks on ESG at a House Oversight Committee hearing on May 10, saying that it was needed to guide companies in their business decisions. Republicans nationwide…
Yellen Says Congress Risks Creating a Self-Made Crisis With ‘Unthinkable’ Debt Default
May 11, 2023
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Treasury Secretary Janet Yellen accused the Republican-controlled House of creating a self-made crisis over its stance on the debt ceiling. Yellen, who was attending a Group of Seven (G7) conference in Niigata, Japan, called on Congress to raise the $31.4 trillion federal debt limit to avert a U.S. government default that would trigger a global…
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