HONG KONG, March 7- Strength in Sinopec Corp lifted Hong Kong- listings of China firms on Friday, trimming their weekly losses, on hopes that the Chinese oil giant's proposed sale of a stake in its retail business will attract private international investors.» Read More
Oil and gasoline futures jumped Thursday on concerns that U.S. refineries aren't making enough gasoline to meet domestic demand.
Stocks closed lower for the second straight session after the latest productivity data renewed inflation concerns and a rate hike in Europe fueled jitters about rising interest rates. "I think what we're seeing here is a correction after a fantastic run," said Larry Kantor, co-head of research at Barclays Capital.
Michael Morris, chairman of Business Roundtable’s Energy Taskforce and chairman and CEO of American Electric Power, told CNBC’s “Street Signs” that a world-wide plan is needed to attack global warming.
U.S. oil edged above $66 on Wednesday after U.S. gasoline stocks rose for a fifth straight week and eased concerns of a summer supply crunch in the world's top consumer.
Keith Wirtz, president and chief investment officer of Fifth Third Asset Management, told CNBC’s “Squawk on the Street” that he believes the market is poised to move higher despite rising oil prices and the possibility of higher interest rates.
Rising rates trump all else this morning as Wall Street braces for a downhill slide on the opening. European markets are broadly lower, continuing their downtrend after the European Central Bank raised interest rates by a quarter point to 4%, as expected. Chinese stocks closed higher and Asia's other markets were mixed.
Cyclone Gonu pummelled Oman on Wednesday, halting oil and gas exports for a second day and forcing thousands to flee the coast, but weakened as it moved through the Arabian Sea, a major route for Gulf oil shipments.
Tropical Cyclone Gonu weakened as it passed through the Arabian Sea and headed for the Strait of Hormuz, a major shipping channel for Gulf oil shipments, towards Iran, forecasters said on Wednesday.
Stocks closed lower as investors used rising bond yields and diminished outlook for an interest rate cut as excuses to take profits. "Technically, the market looks a lot like it looked before the 5% correction we got back in late February," said John Kattar, chief investment officer with Eastern Investment Advisors. "The market is overbought."
Gasoline futures dropped more than 1%, and oil and gas futures also fell as a cyclone approaching the Persian Gulf veered away from major oil facilities.
Government authorities declared a state of emergency and started evacuating nearly 7,000 people from an eastern Omani island Monday in response to a powerful cyclone headed toward the country, with an expected impact to be felt Tuesday, government officials said.
Stocks closed with modest gains as investors shrugged off sharp declines in China and higher energy prices amid continued mergers and acquisitions activity. "Right now we're in a glass-half-full type of mood," said Al Goldman, chief market strategist at A.G. Edwards. "The market just doesn't seem to go down."
U.S. broke above $66 and London Brent pierced $70 on news a cyclone was headed towards the oil-producing Arabian peninsula with a potential to disrupt shipping and output.
See what analysts had to say today about the market on CNBC.
Shares in Alliance Boots fell 0.2% on a report from the Financial Times that the retail chain is seeking blocking rights for a takeover from Kohlberg Kravis Roberts valued at about $21.87 billion.
With oil prices down 33 cents at $64.75 a barrel, one analyst thinks there's about a 70% chance that gasoline prices have peaked. Peter Beutel of Cameron Hanover sees energy prices sliding this week, because "we had a lot of high-name, high-profile refineries come back last week, and I have the feeling that we might see a pretty good number this week" in the Department of Energy report.
Stocks closed with broad gains after strong economic data pushed the Dow and S&P 500 to new highs. "We thought probably the dance music would probably slow down by now but with the wave of mergers and $2.5 trillion dollars cash on the sidelines, it looks like the party will go on for a while," said Fred Dickson, chief market strategist at DA Davidson.
Oil rallied above $65 a barrel as fresh refinery and pipeline problems in the U.S. reignited fears over gasoline supplies as the summer peak in gasoline demand in the world's largest consumer approaches.
As the Macy’s name replaced Federated Department Stores on the New York Stock Exchange Friday, heralded by the new ticker symbol, “M,” Macy’s CEO Terry Lundgren shared insights with CNBC’s Erin Burnett on “Squawk on the Street.”
Regulators postponed a decision Friday on revoking the license of BP's Russian joint venture for a giant gas field, days before President Vladimir Putin heads into a Group of Eight summit amid grumbles about the Kremlin using energy as a political weapon.