fair.png
Friday July 30th, 2021 6:08PM

Stocks slightly higher, natural gas prices climb sharply

By The Associated Press
Related Articles
  Contact Editor

NEW YORK (AP) — Stocks were modestly higher afternoon trading Tuesday, pushed by energy companies who have seen record electricity prices due to the frigid cold impacting much of the country. Investors remain steadily focused on stimulus talks in Washington, which are marching forward now with former President Donald Trump's second impeachment trial now over.

The S&P 500 index was up less than 0.1% as of 12:29 p.m. Eastern, with energy companies accounting for a big part of the gains. The top 10 biggest gainers included companies like Marathon Oil, Occidental Petroleum, Marathon Petroleum and Diamondback Energy.

The Dow Jones Industrial Average was up 83 points, or 0.3%, to 31,541 and the Nasdaq Composite index was down 0.2%. All markets closed at record highs on Friday. U.S. markets were closed Monday for a holiday.

Energy prices rose sharply, as record demand for heating across much of the frigid Midwest and Texas has pushed electricity prices higher. Prices for natural gas, which is the country's primary way to produce quick “on-demand” electricity when needed, was up 4% to its highest level since November, when hurricane season impacted some natural gas production along the Gulf Coast.

Heating oil prices were up 2%, much less than natural gas, since it's primarily used in the Northeast in older boilers to heat homes. The Northeast hasn't seen unreasonable temperatures for this time of the year.

Bond yields rose sharply. The yield on the 10-year Treasury rose to 1.28% from 1.20% late Friday, a big move that also marks its highest level in a year. Bank stocks made broad gains on the higher yields, which allow them to charge more lucrative interest rates on loans. Bank of America rose 3% and JPMorgan Chase rose 2.5%.

Investors continue to look to Washington. With the second impeachment trial over, investors believe Congress can now make progress toward passing President Biden's $1.9 trillion stimulus plan. The package would include one-time payments to Americans plus additional assistance to industries, states and jurisdictions impacted by the pandemic. Democrats in Congress have elected to use a Senate process known as reconciliation, which does not require 60 votes in the Senate to pass.

Much of Asia remains closed in observance of the Lunar New Year and European markets were mostly lower.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Utilities
© Copyright 2021 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Muted Mardi Gras: Closed bars, barricaded Bourbon Street
Mardi Gras has arrived in New Orleans
11:58AM ( 20 minutes ago )
Case dropped after woman in racist NYC run-in gets therapy
Amy Cooper, the white woman arrested last spring for calling 911 during a dispute with a Black man in New York’s Central Park, had her criminal case dismissed after completing a counseling program meant to educate her on the harm of her actions
11:54AM ( 23 minutes ago )
Belarus targets journalists, activists in new raids
Authorities in Belarus have raided the homes and offices of journalists and human rights activists
11:51AM ( 27 minutes ago )
Associated Press (AP)
CVS posts strong Q4 numbers, but pandemic weighs on results
 CVS Health easily beat fourth-quarter expectations as revenue from COVID-19 testing and prescription growth helped counter hits from the on-going global pandemic
11:22AM ( 55 minutes ago )
The Latest: Chicago area hit with more than a foot of snow
A winter storm has blanketed parts of the Chicago area with up to a foot and a half of snow, shuttering schools to in-person classes Tuesday as officials urged residents to stay off the snow-filled roads
11:16AM ( 1 hour ago )
The Latest: Johnson & Johnson seeks vaccine approval from EU
The European Medicines Agency says it has received a request from Johnson & Johnson for its one-shot coronavirus vaccine to be authorized
11:11AM ( 1 hour ago )
AP Business
The Latest: EU says Moderna to fill vaccine gap by March
The European Commission says it expects Moderna to make up a shortfall in deliveries of its COVID-19 vaccine by next month
8:34AM ( 3 hours ago )
Biden extending ban on housing foreclosures during pandemic
President Joe Biden is extending a ban on housing foreclosures to June 30 to help homeowners struggling during the coronavirus pandemic
7:25AM ( 4 hours ago )
The Latest: Hungary is 1st EU nation to get Chinese vaccine
A shipment of a COVID-19 vaccine produced in China has arrived in Hungary, making the country the first in the European Union to receive a Chinese vaccine
5:51AM ( 6 hours ago )
AP Business - Economy
Bitcoin, seemingly omnipresent, crosses the $50,000 mark
After a wild week in which Bitcoin soared to new heights, Bitcoin is crossing the $50,000 mark
8:11AM ( 4 hours ago )
Tokyo surges to 30-year high as world shares rally
World shares have started the week off with a rally, as Japan's Nikkei 225 index closed above 30,000 for the first time since 1990
8:23AM ( 1 day ago )
Kosovo's leftist opposition party sees landslide win
Kosovo’s left-wing main opposition party has won a clear victory in an early election held amid the coronavirus pandemic, an economic downturn and stalled negotiations with wartime foe Serbia
6:42AM ( 1 day ago )
AP Business - Financial Markets
Officials: 2 dead in Texas as subfreezing cold sweeps US
Officials say a frigid blast of winter weather across the U.S. is likely to blame for the deaths of two people in Texas
9:40PM ( 14 hours ago )
WHO authorizes AstraZeneca's COVID vaccine for emergency use
The World Health Organization has granted an emergency authorization to the coronavirus vaccine made by AstraZeneca and Oxford University
8:44PM ( 15 hours ago )
'Things will likely get worse': Cold disrupts power in Texas
A frigid blast of winter weather across the U.S. has left more than 2 million people in Texas without power
7:45PM ( 16 hours ago )
AP Business - Industries
Power cut across Texas as snow, ice blanket southern Plains
The Texas council that manages the majority of the state's electricity has initiated rotating power outages as the state experiences a winter storm dropping snow, ice and temperatures
10:46AM ( 1 day ago )
Wintry weather blanketing US making rare dip to Gulf Coast
Snow and ice blanketed large swaths of the U.S. on Sunday, with areas as far south as Texas’ Gulf Coast beginning to get the wintry weather
10:27PM ( 1 day ago )
GM's Chevy Bolt SUV joins parade of new US electric vehicles
Whether people want them or not, automakers are rolling out new electric vehicle models
5:33PM ( 1 day ago )
AP Business - Utilities
Muted Mardi Gras: Closed bars, barricaded Bourbon Street
Mardi Gras has arrived in New Orleans
11:58AM ( 20 minutes ago )
Case dropped after woman in racist NYC run-in gets therapy
Amy Cooper, the white woman arrested last spring for calling 911 during a dispute with a Black man in New York’s Central Park, had her criminal case dismissed after completing a counseling program meant to educate her on the harm of her actions
11:54AM ( 23 minutes ago )
Belarus targets journalists, activists in new raids
Authorities in Belarus have raided the homes and offices of journalists and human rights activists
11:51AM ( 27 minutes ago )
The Latest: UNICEF asking for speedy transport of medicines
The United Nations children’s agency is launching an initiative to get airlines to give priority to delivering COVID-19 vaccines, medicine and other critical supplies to respond to the global pandemic
11:50AM ( 28 minutes ago )
Marriott CEO Sorenson, 62, dies of pancreatic cancer
Marriott Chief Executive Arne Sorenson, who began limiting his schedule this month to pursue a more aggressive cancer treatment, has died
11:46AM ( 31 minutes ago )