Oil and Gas
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JAKARTA, June 20- Indonesia will carry out a big increase in fuel prices on Saturday, settling months of agonising over the politically divisive issue that was damaging confidence in Southeast Asia's biggest economy and sapping the state's finances.
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Stocks closed higher as better-than-expected earnings offset credit worries. "We do see volatility pick up in earnings season, but other reasons are the subprime concerns, the housing market concerns, as well as the corporate debt concerns," said Sean Clark of Clark Capital Management.
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Oil prices jumped on Wednesday after U.S. government data showed a draw in crude inventories as refiners' utilization increased.
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Strong earnings news is helping push credit market fears back into the shadows this morning, and stocks are poised to spring higher at the opening. Some Asian markets sold off after yesterday's bad day on Wall Street and Europe is mostly lower.
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Stocks ended sharply lower on several disappointing earnings reports and concerns about the housing industry. "The housing story has gone from bad to worse. It's pretty clear that the subprime market is not as well contained as a lot of people had been thinking," said David Rosenberg, North American economist at Merrill Lynch.
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Oil rose Tuesday afternoon to well over $73 per barrel -- after sinking more than $1 below $73 a barrel earlier in the day. The slide was attributed to further assurances from OPEC that it would pump more crude if needed, as well as expectations of higher U.S. fuel stockpiles.
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Today on Capitol Hill, GM will renew the auto industry's push to convince lawmakers that fuel efficient vehicles are on the way. Problem is, it may do little to slow down the CAFE express in congress. For years, the auto lobby was the strongest in D.C. and, for the most part, effectively limited Congress from passing aggressive fuel efficiency standards. But this time around, Congress, fueled by the impact of high gas prices, isn't going along for the ride.
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Wall Street is heading for a lower opening as some weak earnings and credit market jitters outweigh positive profit reports from companies like Pepsico and Lockheed-Martin. European markets are moving lower after overnight gains in Tokyo and Hong Kong shares.
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Stocks ended with solid gains on Monday as investors were encouraged by solid earnings reports and the return of brisk mergers and acquisitions activity. "We definitely had a lot of good news today," said Charles Rotblut, senior market analyst at Zacks.com. "I think we definitely could see the Dow at new highs before the week is over."
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Oil fell below the $75-per-barrel mark on Monday, as some funds booked profits after OPEC expressed concern over near-record prices -- and pledged to pump more crude if needed.
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Everybody wants oil. And if you don’t want Europe, you’ve got your head on backwards, Cramer said. This stock covers both.Investing can be confusing. Luckily, Cramer has mapped out some road rules for all you Home Gamers trying to navigate the jungle that is Wall Street. Think of it as "Mad Money 101" –- some fundamental advice to keep in mind as you play the market. Whether you're a first time investor or a seasoned financier, it's always good to remember the basics.
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Texas oilman Boone Pickens is less certain about cutting a deal with China to distribute liquefied natural gas, CNBC’s Becky Quick reports from Beijing. Pickens, chief executive officer of BP Capital, said better deals may be available in the U.S.
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Stocks closed sharply lower after earnings disappointments from Caterpillar and Google, as well as continuing concerns about the subprime mortgage market weighed on the major averages. "The market is getting ragged," said Phil Roth, chief technical market analyst at Miller Tabak.
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Oil on Friday was supported by "concern" that rising demand will strain supplies already thinned by U.S. refinery glitches and output disruptions in Africa. U.S. light, sweet crude for August, which expires at the end of New York trading on Friday, dropped 7 cents to $75.85.
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Earnings misses by tech darling Google and Caterpillar, one of the Dow's power drivers, are adding to a wobbly opening on Wall Street. Citigroup though is a bright spot with a better than expected 18 percent profit gain and record revenues from investment banking and overseas business.
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Texas oilman Boone Pickens is less certain about cutting a deal with China to distribute liquefied natural gas, CNBC’s Becky Quick reports from Beijing. Pickens, chief executive officer of BP Capital, said better deals may be available in the U.S.
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Schlumberger, the world's largest oil service company, said Friday its second-quarter profit rose 47%, topping Wall Street expectations, driven by strength in its international markets.
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Gas prices fell more than a cent overnight, and gas and oil futures closed mixed as investors tried to decipher a confusing picture of domestic gasoline production. Oil briefly hit $76 a barrel for the first time in 11 months.
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Stronger than expected earnings from IBM helped to push the Dow Jones Industrial Average to a record close above 14,000 for the first time - just two days after the Dow broke above that level on an intraday basis. The S&P 500 also closed at a record high.
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As a man who spent his teenage years tooling around in my parent's big Buick, I have to admit I have a soft spot in my heart for big sedans. Doesn't mean I want one now, but I do like the romantic appeal of a big ol' car. So when I heard Chrysler is scrapping plans to further develop its Imperial large sedan, it made me wonder: is the big car dead?
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Stocks rebounded in late trading but still finished lower as concern about fallout in the subprime industry put a temporary brake on the Dow's run to 14,000. "Subprime isn't good news, but despite this the market will still rally higher," said Jordan Kotick, global head of technical strategy at Barclays Capital.
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