Average U.S. diesel prices have declined, while gas prices declined for the third consecutive week. The national average price of diesel fell by $0.063 over the last week, and now stands at $4.01 per gallon, $1.51 lower from a year ago, according to GasBuddy. The most common U.S. diesel price was $3.99 per gallon, which stood…
Diesel Prices on Cusp of $4 a Barrel as Pump Prices Decline for Third Straight Week
May 8, 2023
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Business & MarketsCompaniesdiesel priceseconomic policieseconomyenergygas pricesinflationInvestmentMarketsoil marketspersonal financerecessionstocksUSUS debt ceilingUS News
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ANALYSIS: Why Short Sellers are Winning Big on Bets Against Bank Shares
May 5, 2023
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Business & MarketsCompaniesFDICFirst Republic BankMarketsPacWestpersonal financeSilicon Valley BankstocksWestern Alliance Bancorp
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News analysis Regulators seized First Republic Bank on May 1 and sold off its assets to JPMorgan Chase, wiping out the bank’s shareholders and making First Republic the third U.S. regional bank to fail this year. But while depositors have been made whole and bank stockholders suffer sudden, catastrophic losses, short sellers in bank shares…
Stock Market Today: Wall Street Sinks as Bank Fears Flare
NEW YORK—Stocks sank on Wall Street Thursday as worries cranked higher about a cracking U.S. banking system. The S&P 500 fell 0.7 percent to add to its loss for the week so far. The Dow Jones Industrial Average dropped 286 points, or 0.9 percent, and is now down for the year, while the Nasdaq composite…
Shell’s Profits Hit $9.6 Billion Despite ‘Volatile Market’
British energy giant Shell has published its first-quarter profits, reporting adjusted earnings of $9.6 billion. The company achieved the results despite an “unfavourable” tax climate and “lower realised oil and gas prices.” Shell announced on May 4 that its numbers are $500 million higher than the same period last year. The company’s adjusted earnings for…
PacWest Confirms It’s Considering Sale as Stock Selloff Deepens
Pacific Western Bank has confirmed that it’s exploring its “strategic options,” which is Wall Street code for the possibility of a sale to a white knight, with the bank saying it has been approached by potential investors. PacWest Bancorp, the California-based holding company that owns Pacific Western Bank, said in a statement on May 4…
Stock Market Today: Markets Slip After Latest Fed Rate Hike
NEW YORK—Stocks dipped Wednesday after the Federal Reserve announced its latest hike to interest rates but said it’s not sure what may come next. The S&P 500 fell 28.83, or 0.7 percent, to 4,090.75. The Dow Jones Industrial Average lost 270.29, or 0.8 percent, to 33,414.24, and the Nasdaq composite slipped 55.18, or 0.5 percent,…
PacWest Shares Fall More Than 55 Percent in After-Hours Trading As It Seeks Rescue
PacWest Bancorp (NASDAQ: PACW) shares fell more than 55 percent in after-hours trading on Wednesday following news that company executives were considering a potential sale. Bloomberg reported, citing anonymous sources, that the regional bank, which has been weakened by the failure of three California-based lenders, has been contemplating a number of strategic alternatives, including a…
British Regulator Easing Rules to Stem Company Outflow From UK Stock Markets
May 3, 2023
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Business & MarketsCompanieseconomic policieseconomyFinancial Conduct Authorityfinancial regulationsInvestmentLondon Stock ExchangeMarketsstockstech firmsUKWorld
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Britain’s top financial regulator announced plans to make stock markets in the United Kingdom and its overseas territories more attractive to companies. The Financial Conduct Authority (FCA) has discussed simplifying financial regulations to make the United Kingdom “more competitive” with foreign stock markets, but there are some concerns that the proposals could hurt shareholders’ rights….
Investors Warn of More Economic Pain to Come After First Republic Failure
May 2, 2023
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Business & Marketscommercial real estateCompanieseconomic policieseconomyFirst Republic BankinflationInvestmentMarketsrecessionstocksU.S. financial systemUSUS News
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Top investors at the annual Milken conference have warned of more economic pain to come after the collapse of First Republic Bank. Attendees at the conference said that the third seizure of a U.S. regional bank by the Federal Deposit Insurance Corporation (FDIC) since March is threatening to constrain credit and accelerate the path toward…
Stock Market Today: Wall Street Drops as Banks Tumble Again
NEW YORK—Stocks slumped Tuesday after shares of beleaguered banks tumbled again and worries worsened about the economy. Rising fear sent yields sinking in the bond market, while Wall Street waited for the Federal Reserve’s latest move on interest rates and Washington edges closer to what would be a catastrophic default on U.S. government debt. The…
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