NEW YORK (AP) — The stock market is bouncing back from a tough start to 2015.
Investors sent shares sharply higher for a second straight day Thursday, erasing the market's heavy losses from the first few days of the year.
The gains were driven by a combination of positive economic news from the U.S. and hopes for stimulus from Europe's central bank. The price of oil is also showing signs of stabilizing after six months of heavy losses, and there is renewed confidence that the Federal Reserve will keep supporting the economy as growth outside the U.S. appears to be flagging.
WASHINGTON (AP) — In June, when oil cost $107 a barrel, U.S. employers added a healthy number of jobs — 267,000. Now, with oil below $50, hopes are rising that hiring in the United States is poised to intensify.
Goldman Sachs forecasts that if oil stays near its current price, the economy will add 300,000 more jobs this year than if the price had remained at its June level. Stronger job growth is foreseen at retailers, auto dealers, shipping firms, restaurants and hotels — all of which will likely show gains in Friday's jobs report for December.
Oil continued to gain in brisk trading early Thursday, in the wake of a report that U.S. stockpiles dropped by 3 million barrels last week. West Texas Intermediate crude for February delivery was 43 cents higher to $49.08 a barrel in electronic trading on the Nymex, while in London Brent gained 41 cents to $51.56, Bloomberg reports.
A survey of 476 firms released Wednesday by Cowen and Company found that oil prices at $70 a barrel would translate into a 17 percent cut in spending by oil companies in 2015, while $60 oil would mean a reduction of up to 35 percent, Reuters reports.
NEW YORK (AP) — Encouraging economic news and a rare rise in oil prices helped give the stock market its first gain in the new year Wednesday.
Major indexes started climbing from the opening bell, following a report from ADP, the payroll processor, which showed that businesses hired more workers last month. Companies added 241,000 workers in December, an increase from the previous month.
An unexpected announcement that crude stockpiles decreased last week pushed oil prices higher Wednesday for the first time in five days. U.S. benchmark crude gained 72 cents to settle at $48.65 a barrel on the Nymex, while in London Brent ended 5 cents higher at $51.15, Reuters reports.
Oil made a slight recovery in trading early Wednesday after the price of Brent crude briefly dipped below $50 a barrel for the first time since mid-2009. West Texas Intermediate crude for February delivery was up 23 cents to $48.16 a barrel in electronic trading on the Nymex, while in London Brent was 5 cents higher to $51.15, Bloomberg reports.
Analysts have told Bloomberg that Russia, Iran and Venezuela will be among the countries hardest hit as the price of crude oil continues to tumble -– possibly under $40 a barrel -– and say global inflation will shrink to recession levels.
Oil was mixed Friday, with an estimate of a stockpile build in Cushing sending West Texas Intermediate crude down 49 cents to $45.83 a barrel on the Nymex, while the death of Saudi Arabia’s King Abdullah pushed Brent 47 cents higher to $48.99, Reuters reports.
Hit by the slump in oil prices, contractor Hercules Offshore is retiring five more Gulf of Mexico rigs, a second round of such action, and also is taking $117 million in fourth quarter write-offs, FuelFix reports.
A draft final report from the U.S. Chemical Safety Board into the fire at a Chevron refinery in Richmond more than two years ago –- to be presented at a public meeting next week -- blames problems with regulations, the company’s safety culture and also its emergency response crews, the San Jose Mercury News reports.
Even though GOP leaders like Sen. James Inhofe, R-Okla. and new chair of the Senate Environment and Public Works Committee, say they would be willing to look at reform of the Clean Air Act, such an overhaul would be a long shot at best, say lobbyists and industry figures, E&E reports.
The U.S. is a few years away from President Obama’s goal of seeing 1 million electric vehicles on the road, Energy Secretary Ernest Moniz told The Detroit News in an interview, saying the costs are still too high.
On a visit to the X-Games in Colorado, Gina McCarthy joined Olympic snowboarders to highlight the danger climate change poses to winter sports and the mountain towns that host them, the Aspen Daily News reports.
The U.S. special representative for the Arctic, Adm. Robert Papp, says he has discussed with Disney using characters from the movie Frozen to educate the public about the dangers climate change poses to the Arctic, National Journal reports.
A compromise about burying parts of the SunZia transmission line between New Mexico and Arizona underneath part of the White Sands Missile Range has led to a formal agreement about the project, to be announced Saturday by Interior Secretary Sally Jewell, the Albuquerque Journal reports.
Legislation being discussed in Vermont would discourage the practice of utilities collecting renewable energy credits for reducing fossil fuel use and then selling them on to firms out of state, the Burlington Free Press reports.