Stocks closed sharply higher after stronger-than-expected housing and durable goods data overshadowed lingering concerns about the credit markets. The Dow Jones Industrial Average had its best week since last April while the Nasdaq and the S&P 500 posted their best gains since late March
The violent correction in the market this month took all sectors lower. Energy stocks came under pressure, in particular, because they had been such big winners and hedge funds sold them to raise cash. Traders, is now the time to pick up these correction casualties?
U.S. stocks ended mixed as the investors looked for signs that the Federal Reserve may cut interest rates again soon. "I think it's encouraging that we are kind of stabilizing after last week's turmoil," said Alec Young, equity market strategist at Standard & Poor's.
Exxon Mobil has delayed work on the 71,600 barrel per day gasoline-making fluid catalytic cracking unit at its 188,160 barrel per day refinery in Chalmette, La., trade sources said on Tuesday.
Kazakhstan threatened on Tuesday to revoke an Eni-led consortium's permit to exploit the giant offshore Kashagan oilfield due to environmental law violations.
Gulf of Mexico oil and natural gas producers were evacuating offshore workers and shutting small amounts of production over the weekend as they watched powerful Hurricane Dean storm across the Caribbean Sea toward an entry into the Gulf next week.
Before the recent downturn in the U.S. stock market, portfolio strategists and market prognosticators said the resiliency of the markets was a key sign of positive times ahead.
Stocks closed the week lower as credit market concerns had investors running for safety but a reversal of misfortune late in the week cut losses significantly.
Stocks rallied Friday as investors were encouraged by a cut in discount rates by the Fed. "As long as we can stay out of the woods with further credit problems, we can build from this base and go forward steadily," said James Maguire, Sr., managing director at LaBranche. "I think we've hit the bottom. We might fish around here for a bit, but I'm very confident."
Oil prices jumped Friday after the U.S. Federal Reserve cut a key interest rate to calm financial markets and on concerns Hurricane Dean could hit Gulf of Mexico installations.
A fire broke out Thursday at Chevron's largest U.S. refinery in Pascagoula, Miss., but authorities said there were no immediate reports of injuries.
Oil edged lower on Friday as the crisis in world credit markets weighed on investor sentiment, but a late rally after central banks plowed more cash into the financial system erased most of the day's losses.
Oil rose Wednesday, as draws in U.S. crude and gasoline stockpiles overcame wider concerns about the health of the world's largest economy.
Crude oil prices rose Tuesday, pulling out of a nosedive after news of new refinery problems in the United States rekindled supply worries during the summer driving season.
Oil and gasoline futures plunged Monday, on concerns about the economy's health and as investors sold to lock in profits from last week's record-setting rally.
Oil tumbled below $76 per barrel Friday, dragged down as disappointing U.S. economic data helped send stock markets down again
Stocks closed higher as investors were encouraged by strong earnings reports despite lingering subprime concerns. "There wasn't much negative news today from the subprime market and people still want to buy the market," said Todd Leone of Cowen. "We were way oversold and I think you have some people putting money to work."
Oil rose near an all-time high on Thursday, as OPEC officials said the producer group would not hike output, despite concerns of a supply shortfall.
Oil company Total said Thurdsay that second-quarter net profit was little changed as improved refinery margins failed to offset the weaker dollar.
Oil prices retreated after jumping to a new record Wednesday on the government's report of a steep drop in crude inventories and surge in refinery activity.