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On the same day the Gulf of Mexico oil slick contined to spread—while lawmakers were feeding the public live video of the catastrophe—the oil giant BP responsible for one of the country’s worst environmental disasters was lauded as a hero.
The Environmental Protection Agency has ordered BP to use a less toxic chemical dispersants to break up the oil spill from its broken undersea well in the Gulf of Mexico.
Beneath the subarctic forests of western Canada, deep under the peat bogs and herds of wild caribou, lies the tarry rock that is one of America’s top sources of imported oil. The NYT reports.
The Dow tumbled over 100 points, or 1.1 percent, led by financials, as the dollar gained against the euro. Walmart was the lone gainer on the Dow. Oil ended below $70 for the first time this year.
Stocks continued to slide in choppy trading Tuesday as the dollar gained against the euro. Financials were the biggest drag after Germany issued a proposal to ban naked short-selling.
The euro may be weakening, but it maintains a strong grip on the world's stock and commodities markets. For that reason, investors are keeping an eye on a full meeting of European finance ministers in Brussels Tuesday.
Stocks erased their losses in the final half-hour of trading Monday as consumer and tech stocks advanced.
Stocks declined Monday as steep slides in commodity prices hit energy and materials, while a weak Empire State manufacturing report put a damper on investor sentiment.
I am expecting the SEC to issue a preliminary report on the causes of the May 6 drop today or tomorrow. Along with the preliminary report, they will separately be issuing details on individual stock circuit breakers. Sources tell me that the single stock breaker will kick in when an individual stock drops 10 percent in a 5-minute period; this will halt trading in that stock for 5 minutes across all trading platforms.
BP said Monday it was siphoning more than one-fifth of the oil that has been spewing into the Gulf for almost a month, as worries escalated that the ooze may reach a major ocean current that could carry it through the Florida Keys and up the East Coast.
Stocks wobbled Monday as investors weighed a slew of M&A activity against a disappointing Empire State manufacturing report and weak outlook from Lowe's.
U.S. stock index futures pointed to a lower Monday, as European debt has moved to the forefront on the list of Wall Street's concerns, and the euro has touched its lowest level in four years.
Technicians were gingerly moving joysticks to guide deep-sea robots and thread a 6-inch tube with a rubber stopper into the 21-inch pipe spewing oil from the ocean floor. That work continued Saturday morning for a second day.
BP Friday was attempting to insert a pipe to siphon oil from a blown out undersea oil well in the Gulf of Mexico and channel it to the surface, a company executive said.
The Dow ended sharply lower Friday as growing worries about Europe overshadowed encouraging economic data. Still, the blue-chip index ended up 2.3 percent for the week.
Stocks fell heavily Friday as worries over the growing European debt crisis trumped some encouraging U.S. economic data. Financials, materials and techs were the biggest decliners.
With stocks under pressure and the euro tumbling to 18-month lows on Friday, Warren Myers, CEO of Walter J. Dowd, and Art Cashin, director of floor operations at UBS, shared their market insights.
Stocks opened lower on Friday amid a fresh round of worries about the U.S. economic recovery. How should investors prepare their portfolios and what should they watch for? Art Hogan, global equity product director at Jefferies shared his insights.
Stocks continued to lose ground Friday as worries about the European debt crisis overshadowed somewhat encouraging US economic data.
The federal Minerals Management Service gave permission to dozens of oil companies to drill in the Gulf of Mexico without first getting required permits from another agency, the NYT reports.