Oil Archives - WPTF-AM

Biden issues ban on offshore oil and gas drilling in most federal waters. Trump vows to undo it

WASHINGTON (AP) — President Joe Biden is moving to ban new offshore oil and gas drilling in most U.S. coastal waters. It’s a last-minute effort to block possible action by the incoming Trump administration to expand offshore drilling. Biden’s term expires in two weeks. He says he is using authority under federal law to protect offshore areas along the East and West coasts, the eastern Gulf of Mexico and portions of Alaska’s Northern Bering Sea from future oil and natural gas leasing. Biden said his decision is backed by coastal communities who know that offshore drilling could cause irreversible environmental damage. President-elect Donald Trump says the decision will be reversed after he takes office Jan. 20.… Continue Reading

Stock market today: Wall Street drifts ahead of Election Day and a manic week for markets

NEW YORK (AP) — U.S. stocks drifted ahead of a momentous week full of potential flashpoints, while oil prices climbed and Treasury yields dropped. The S&P 500 slipped 0.3% Monday, even though the majority of stocks within the index rose. The Dow Jones Industrial Average fell 0.6%, and the Nasdaq composite lost 0.3%. Beyond Election Day in the United States on Tuesday, the Federal Reserve will also be meeting on interest rates later this week. Investors also hope the Chinese government may announce stimulus for the world’s second-largest economy. Crude prices rose after oil-producing nations delayed planned increases to their production.… Continue Reading

Stock market today: Wall Street rises as tech stocks and oil prices steady themselves

NEW YORK (AP) — U.S. stocks rose following better-than-expected profit reports from Morgan Stanley, United Airlines and other big companies. The S&P 500 climbed 0.5% Wednesday, a day after sliding from its all-time high because of tumbling energy and technology stocks. The Dow Jones Industrial Average added 0.8% to set its own record, and the Nasdaq composite rose 0.3%. Exxon Mobil and other energy producers stabilized a day after tumbling with the price of crude oil. Stocks in the chip industry also held up better a day after a market-shaking warning from Dutch supplier ASML. Treasury yields eased in the bond market.… Continue Reading

Stock market today: Wall Street rebounds after Hong Kong stocks fall to worst day since 2008

NEW YORK (AP) — U.S. stocks rebounded after falling oil prices released some of the pressure that built up on the market. The S&P 500 rose 1% Tuesday and clawed back all of its loss from the day before. The Dow Jones Industrial Average added 0.3%, while the Nasdaq composite climbed 1.4% as Big Tech stocks led the way. Wall Street held firm even though stock markets around the world sank following scary swings in China, as euphoria about possible stimulus for the world’s second-largest economy gave way to disappointment. Stocks in Hong Kong tumbled to their worst day since 2008.… Continue Reading