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AmEx to allow staff to work from home two days a week
  + stars: | 2021-06-15 | by ( Reuters Staff | ) www.reuters.com sentiment -0.98   time to read: +1 min
REUTERS/Brendan McDermid/File Photo(Reuters) - American Express Co will allow most employees to work from home for up to two days a week permanently, unveiling a hybrid back-to-office approach in contrast to that of some major Wall Street banks. Most of the U.S. and U.K. staff of the credit card issuer will have the choice to work remotely on Mondays and Fridays starting October, AmEx Chief Executive Officer Stephen Squeri said in an internal memo. AmEx will begin bringing back employees to the office starting Sept. 13, with an aim to fully adopt the hybrid model in the week of Oct. 4. The first three weeks will be a “transition period” to allow employees to “get used to” going to office. Occupancy will be restricted to 50% and most of the staff will work in the office only two days a week during the period, the memo said.
Persons: Brendan McDermid, Stephen Squeri, AmEx, Morgan Organizations: New York Stock Exchange, REUTERS, American Express, AmEx, JPMorgan Chase &, Goldman Sachs, Inc, The, Bloomberg News Locations: New York, U.S, Manhattan, The New York
Spotify strikes exclusive deal with 'Call Her Daddy' podcast
  + stars: | 2021-06-15 | by ( Reuters Staff | ) www.reuters.com + 0.84   time to read: +1 min
FILE PHOTO: The Spotify logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 3, 2018. REUTERS/Brendan McDermid/File Photo(Reuters) - Spotify Technology SA on Tuesday announced a multi-year deal to stream the popular podcast ‘Call Her Daddy’, hosted by Alex Cooper on its audio streaming platform, in its latest exclusive tie-up to keep listeners hooked. The Swedish company will exclusively stream ‘Call Her Daddy’ starting July 21, including all back catalogue full-length episodes, future episodes and additional exclusive new projects in development, Spotify said in statement, without disclosing any financial details of the deal. It is also the fifth-most-popular streamed podcast globally on Spotify. Spotify has been boosting its podcast muscle by spending more than $500 million in buying podcast networks Gimlet and Anchor, and podcast advertising company Megaphone.
Persons: Brendan McDermid, , Alex Cooper, Cooper, Sofia Frankyln, Franklyn Organizations: New York Stock Exchange, REUTERS, Spotify Technology SA, Tuesday, Spotify, Barstool Sports, Wall Street Journal Locations: New York, U.S, Swedish
Twitter adds 'Arabic (feminine)' language option in diversity drive
  + stars: | 2021-06-15 | by ( Lisa Barrington | ) www.reuters.com sentiment -0.99   time to read: +2 min
REUTERS/Brendan McDermidTwitter (TWTR.N) on Tuesday introduced an "Arabic (feminine)" language setting enabling the social media site to speak to users using feminine grammar, part of what it said was an inclusion and diversity drive. Twitter did not introduce a non-binary gender language option in Arabic, but Fawakhiri said the company has other gender neutral projects in the works for the site. With a change of settings, this command can now appear on Twitter as "gharridi", the feminine form. Twitter says it is the first social media site to introduce an "Arabic (feminine)" language option. Dubai-based global logistics company Aramex (ARMX.DU) in April added a similar language option to its corporate website.
Persons: Brendan McDermid Twitter, Rasha Fawakhiri, Fawakhiri, Twitter Organizations: New York Stock Exchange, REUTERS, Twitter, Thomson Locations: New York City, U.S, East, North Africa, Dubai
DLocal deal opens door for global sellers on Amazon.com Brazil marketplace
  + stars: | 2021-06-15 | by ( Jimin Kang | ) www.reuters.com sentiment -0.93   time to read: +2 min
The agreement, which the two companies announced in a joint statement, should broaden choices on the site, which had been restricted to local vendors. "Latin America as a region is one representing the fastest growing pace with retail e-commerce," Golffed told Reuters in a phone interview. "If we look at this from a consumer's point of view, they get access to buy in Brazil with local payment methods... goods from sellers from all over the world." Founded in 2016, dLocal integrates local and global payment systems with a focus on emerging markets. Allowing dollar payments from Brazil to foreign vendors is particularly complex given local regulatory and legal frameworks, he said.
Persons: Brendan McDermid, Michel Golffed, Golffed, dLocal, Dropbox — Organizations: REUTERS, Amazon.com Inc, Reuters, Nasdaq, U.S . International Trade Administration, Amazon’s, Thomson Locations: Staten Island , New York, U.S, Brazil, America, Latin America, Chile
New York governor lifts remaining COVID-19 restrictions
  + stars: | 2021-06-15 | by ( ) www.reuters.com sentiment -0.86   time to read: +1 min
A commuter receives a shot of the Johnson & Johnson vaccine for the coronavirus disease (COVID-19) during the opening of MTA's public vaccination program at a subway station in the Brooklyn borough of New York City, New York, U.S., May 12, 2021. REUTERS/Brendan McDermid/File PhotoJune 15 (Reuters) - New York Governor Andrew Cuomo said on Tuesday he is lifting all state-mandated coronavirus restrictions after reporting that 70% of New York adults have received at least one dose of COVID-19 vaccine. "It is an important milestone, and we're going to keep pushing to do more," Cuomo told a news conference, adding that the state would continue to encourage more New Yorkers to get vaccinated. Cuomo, whose state in the early stages of the pandemic last year was at the center of the COVID-19 public health crisis in the United States, also said individuals and businesses could still choose to adopt some precautions. Reporting by Maria Caspani, Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.
Persons: Johnson, Brendan McDermid, Andrew Cuomo, Cuomo, Maria Caspani, Chizu Organizations: REUTERS, U.S . Centers for Disease Control, Thomson Locations: Brooklyn, New York City , New York, U.S, New York, United States
Here's a look at which decade the 2020s could resemble. Fast forward to the 2020s and the global economy is expected to grow 6% this year, a rate not seen since the 1970s. Bond investors need to be wary if inflation roars back, as do central banks which have not experienced inflationary pressures for decades. "Many people think we are in the 1930s but I think we will wake up somewhere in the 70s," said Amundi's Blanque. Agreement on a minimum global tax rate is evidence of a possible shift, although it is still early days.
Persons: Brendan McDermid, Pascal Blanque, Kiran Ganesh, Amundi's Blanque, Ronald Reagan, Margaret Thatcher, Erik Nielsen Organizations: Dow Jones, New York Stock Exchange, REUTERS, UBS Global Wealth Management, Oxfam, Thomson Locations: New York, U.S, America, Stocks, China, Japan, Italy, Asia
Disney CEO says 40% of upfront ad sales went to streaming or digital
  + stars: | 2021-06-14 | by ( ) www.reuters.com sentiment -0.99   time to read: 1 min
A screen shows the logo and a ticker symbol for The Walt Disney Company on the floor of the New York Stock Exchange (NYSE) in New York, U.S., December 14, 2017. REUTERS/Brendan McDermidWalt Disney Co's (DIS.N) advertising revenue for the upcoming fall television season rose by "double-digits" from the levels of 2019 before the global pandemic, Chief Executive Bob Chapek said on Monday. About 40% of sales during the "upfront" sales period went to streaming or digital ads, Chapek said at Credit Suisse's virtual Communications Conference. Our Standards: The Thomson Reuters Trust Principles.
Persons: Brendan McDermid Walt, Bob Chapek, Chapek Organizations: Walt Disney Company, New York Stock Exchange, REUTERS, Brendan McDermid Walt Disney Co's, Credit, Communications Conference, Thomson Locations: New York, U.S
REUTERS/Brendan McDermid/File PhotoThe S&P 500 and Nasdaq eked out record high finishes on Monday, despite most traders being focused on this week’s Federal Reserve meeting and not on adding to existing positions. While the Fed has reassured that any spike in inflation would be transitory, policymakers could begin discussing the tapering of bond buying at the Tuesday-Wednesday meeting. The S&P benchmark (.SPX) has climbed 13.1% this year, while the Dow (.DJI) and the Nasdaq (.IXIC) have risen 12.7% and 9.2%, respectively. "There are a lot of bad companies, but there are some good companies in these SPACs that are going to be good opportunities at some point. The S&P 500 posted 35 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 130 new highs and 24 new lows.
Persons: Brendan McDermid, Mark Stoeckle, Funds ., Steve Burns, Julio Rodriguez, Tesla, Elon Musk Organizations: New York Stock Exchange, REUTERS, Nasdaq, Reserve, Fed, Dow, Dow Jones, Funds, Lordstown Motors Corp, Lordstown, Churchill Capital Corp, Lucid Motors, Transition Corp, Thomson Locations: New York City, U.S, , Wyoming, Proterra
REUTERS/Brendan McDermidWASHINGTON (Reuters) -U.S. financial regulators urged market participants on Friday to accelerate their efforts to detach financial products from Libor interest rate benchmarks, while casting doubt on new benchmarks built to compete with their preferred replacement. “The deniers and laggards are engaging in magical thinking,” Quarles said during a meeting of the Financial Stability Oversight Council, a regulatory panel. At the same time, regulators had harsh words for competing benchmarks, like the Bloomberg Short-Term Bank Yield Index (BSBY). They warned that, like Libor, those benchmarks are built on relatively few transactions, which could make them unreliable or subject to manipulation. “When a benchmark is mismatched like that, there’s a heck of an economic incentive to manipulate it,” he warned.
Persons: Randal Quarles, Brendan McDermid WASHINGTON, ” Quarles, Janet Yellen, Jerome Powell, Yellen, Gary Gensler, Organizations: Federal Reserve, Economic, of New, REUTERS, Federal, Regulators, Bloomberg, Securities, Exchange Locations: of New York, New York City, U.S
Global equity funds face biggest outflow in six weeks -Lipper
  + stars: | 2021-06-11 | by ( Reuters Staff | ) www.reuters.com + 0.00   time to read: +2 min
REUTERS/Brendan McDermid/File Photo/File PhotoAccording to Refinitiv Lipper data, global equity funds faced net outflows of $12.8 billion, the biggest since the week ended April 28. Graphic: Global fund flows into equity sectors -Investors sold $575 million in consumer discretionary sector funds and $288 million in utilities sector funds. Tech sector funds faced their first outflow in three weeks, the data showed. Global money market funds also witnessed purchases worth a net $8.1 billion, recording inflows for the fifth straight week. An analysis of 23,721 emerging-market funds showed equity funds had outflows worth $207 million, while bond funds attracted $1.2 billion, marking a second straight week of inflows.
Persons: Brendan McDermid Organizations: Reuters, Global, Federal Reserve, New York Stock Exchange, REUTERS, Tech Locations: New York, U.S, Europe, Asia, South
Wall Street ekes out gains to close languid week
  + stars: | 2021-06-11 | by ( Stephen Culp | ) www.reuters.com + 0.00   time to read: +3 min
The Nasdaq gained the most among the three major indexes, while the bellwether S&P 500 squeaked its way to a second straight record closing high. For the week, the S&P and the Nasdaq advanced from last Friday’s close, while the Dow posted a small weekly loss. FILE PHOTO: The Wall St. sign is seen near the New York Stock Exchange (NYSE) in New York City, U.S., May 4, 2021. Among the 11 major sectors in the S&P 500, rebounding financial stocks and tech led the gainers, while healthcare suffered the biggest percentage drop. The S&P 500 posted 33 new 52-week highs and one new low; the Nasdaq Composite recorded 108 new highs and 16 new lows.
Persons: Dow, ” Oliver Pursche, ” Pursche, Brendan McDermid Organizations: YORK, U.S . Federal Reserve, Nasdaq, Wealthspire Advisors, Federal Reserve, University of Michigan’s, New York Stock Exchange, REUTERS, Brendan McDermid Benchmark U.S, Treasury, Drug Administration, Dow Jones, AMC Entertainment, NYSE Locations: New York, New York City, U.S
Futures tick higher as inflation fears fade
  + stars: | 2021-06-11 | by ( Ambar Warrick | ) www.reuters.com sentiment -0.99   time to read: +1 min
The Wall St. sign is seen near the New York Stock Exchange (NYSE) in New York City, U.S., May 4, 2021. read moreMuch of the price surge in May came from items such as commodities and airfares, and it is expected to be temporary. S&P 500 E-minis were up 7.25 points, or 0.17 at 06:36 a.m. Dow E-minis were up 77 points, or 0.22%, while Nasdaq 100 E-minis were up 30.25 points, or 0.22%. Stocks favored by small-time investors were set to close higher for the week, even as a rally appeared to be running out of steam on Thursday.
Persons: Brendan McDermid, Dow Jones, Joe Biden's, Stocks Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Thomson Locations: New York City, U.S
The Wall St. sign is seen near the New York Stock Exchange (NYSE) in New York City, U.S., May 4, 2021. With recent data also indicating weakness in the labor market, the Fed is widely expected to maintain accommodative policy, which is positive for stocks and other risk-driven assets. "The commentary will be that they're still focusing on the last two employment reports, which were much weaker than anticipated. "This meeting coming up plus the meeting in late July will probably result in no policy changes, or even contemplation of policy changes." U.S. S&P 500 E-minis were up 5.75 points, or 0.14%, at 08:02 a.m. EDT.
Persons: Brendan McDermid, Sam Stovall, Dow Jones, Joe Biden's, Stocks Organizations: New York Stock Exchange, REUTERS, Research, Dow, Nasdaq, Royal Caribbean Group, Thomson Locations: New York City, U.S, New York, premarket
The Wall St. sign is seen near the New York Stock Exchange (NYSE) in New York City, U.S., May 4, 2021. REUTERS/Brendan McDermidU.S. stock indexes rose slightly on Friday on gains in technology and growth-exposed sectors after inflation data calmed fears over imminent policy tightening by the Federal Reserve. The S&P 500 (.SPX)traded just below a record high of 4,249.74, with heavyweight technology stocks serving as the largest boost. Investors scaled back expectations for early policy tightening by the Fed after May's consumer price data suggested a recent spike in inflation would be transitory. Most of the so-called "meme" stocks rose on Friday.
Persons: Brendan McDermid, Sam Stovall, Dow Jones, Joe Biden's, Stocks Organizations: New York Stock Exchange, REUTERS, Federal Reserve, Fed, Research, Dow Jones, Nasdaq, Dow, Cruise, Royal Caribbean Group, NYSE, Thomson Locations: New York City, U.S, New York
Wall Street flat with Fed meet in focus
  + stars: | 2021-06-11 | by ( Devik Jain Ambar Warrick | Devik Jain | Ambar Warrick | ) www.reuters.com + 0.00   time to read: +3 min
The Wall St. sign is seen near the New York Stock Exchange (NYSE) in New York City, U.S., May 4, 2021. The S&P 500 (.SPX)traded just below a record high of 4,249.74, with heavyweight technology stocks serving as the largest boost. Sectors such as financials and basic resources, that stand to benefit from an economic bounceback this year, also supported the index. Investors scaled back expectations for early policy tightening by the Fed after May's consumer price data suggested a recent spike in inflation would be transitory. The S&P industrials (.SPLRCI) sector was flat on Friday, and was set to lose for the week.
Persons: Brendan McDermid, Hogan, Peter Cardillo, Cardillo, Dow Jones, Joe Biden's, Stocks Organizations: New York Stock Exchange, REUTERS, Reserve, National Securities, Fed, Spartan Capital Securities, Dow Jones, Nasdaq, U.S . Food, Biogen Inc, Dow, Cruise, Royal Caribbean Group, NYSE, Thomson Locations: New York City, U.S, New York
Stocks set record highs as bond yields slide
  + stars: | 2021-06-11 | by ( Herbert Lash | Tom Wilson | ) www.reuters.com + 0.00   time to read: +5 min
The pan-regional STOXX Europe 600 index rose 0.7% to a record close, posting its sixth straight session of gains and best weekly performance at 1.1% since early May. “There is a concern that eventually you could get some migration out of stocks into bonds,” Meckler added. U.S. growth-oriented stocks slightly outpaced value stocks as the two styles vied for leadership: big tech stocks added the most upside followed by financial shares. Benchmark German 10-year bonds fell 3 basis points to -0.28% and were set for their best week of the year. The dollar index rose 0.49%, with the euro down 0.51% to $1.2107.
Persons: Brendan McDermid, “ You’ve, , Michael James, Rick Meckler, Meckler, Jack Ablin, ” Ablin, , Jeremy Gatto Organizations: New York Stock Exchange, REUTERS, European Central Bank, Federal Reserve, Treasury, Wedbush Securities, Cherry Lane Investments, Dow Jones, Nasdaq, Cresset Capital Management, Japan, Brent Locations: St, New York City, U.S, Europe, Stocks, breakeven, Los Angeles, New Vernon , New Jersey, Asia, Pacific, COVID, Unigestion
S&P ekes out gains to close languid week
  + stars: | 2021-06-11 | by ( Stephen Culp | ) www.reuters.com + 0.00   time to read: +3 min
For the week, the S&P and the Nasdaq advanced from last Friday's close, while the Dow posted a weekly loss. Much of the focus centered on Thursday's consumer price data, which eased jitters over the duration of the current inflation wave. The Wall St. sign is seen near the New York Stock Exchange (NYSE) in New York City, U.S., May 4, 2021. Unofficially, the Dow Jones Industrial Average (.DJI) rose 14.41 points, or 0.04%, to 34,480.65, the S&P 500 (.SPX) gained 8.29 points, or 0.20%, to 4,247.47 and the Nasdaq Composite (.IXIC) added 49.09 points, or 0.35%, to 14,069.42. Among the 11 major sectors in the S&P 500, healthcare suffered the biggest percentage drop.
Persons: Dow, Oliver Pursche, Brendan McDermid, Pursche, Biogen Organizations: U.S . Federal Reserve, Nasdaq, Wealthspire Advisors, Federal Reserve, University of Michigan’s, New York Stock Exchange, REUTERS, Benchmark U.S, Treasury, Drug Administration, Dow Jones, AMC Entertainment, Thomson Locations: New York, New York City, U.S
Wall Street muted as eyes turn to next week's Fed meeting
  + stars: | 2021-06-11 | by ( Stephen Culp | ) www.reuters.com + 0.00   time to read: +3 min
"We had a big inflation number this week and the markets seem to be taking it in stride." The Wall St. sign is seen near the New York Stock Exchange (NYSE) in New York City, U.S., May 4, 2021. REUTERS/Brendan McDermid"I don’t expect any surprises but I believe the Fed is certainly under a microscope so people will try to ascertain the duration of the current dovish policy," Keator added. Among the 11 major sectors in the S&P 500, rebounding financial stocks (.SPLRCT) and tech (.SPLRCT) were leading the gainers, while healthcare suffered the biggest percentage drop. The S&P 500 posted 29 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 97 new highs and 12 new lows.
Persons: Dow, Matthew Keator, Brendan McDermid, Keator Organizations: U.S . Federal Reserve, Nasdaq, Dow, Keator, Federal Reserve, University of Michigan's, New York Stock Exchange, REUTERS, Benchmark U.S, Treasury, Drug Administration, Dow Jones, AMC Entertainment, NYSE, Thomson Locations: Lenox , Massachusetts, New York City, U.S
P&G says commodity, freight costs to bite more this fiscal year
  + stars: | 2021-06-10 | by ( Reuters Staff | ) www.reuters.com sentiment -0.98   time to read: 1 min
FILE PHOTO: The logo for Procter & Gamble Co. is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., June 27, 2018. REUTERS/Brendan McDermid(Reuters) - Procter & Gamble Co’s freight and commodity costs have amounted to around $600 million after tax so far this fiscal year, its chief financial officer said at a conference on Thursday, exceeding the company’s prior expectations. The company had previously said it expected more than $200 million in freight costs and about $125 million in commodity costs after tax for the fiscal year ended May 2021.
Persons: Brendan McDermid Organizations: Procter & Gamble Co, New York Stock Exchange, REUTERS, Procter, Gamble Locations: New York, U.S
P&G says commodity, freight costs to bite this fiscal year
  + stars: | 2021-06-10 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: 1 min
FILE PHOTO: The logo for Procter & Gamble Co. is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., June 27, 2018. REUTERS/Brendan McDermid(Corrects first paragraph and headline to remove reference to costs being higher than prior expectations)(Reuters) -Procter & Gamble Co’s freight and commodity costs have amounted to around $600 million after tax so far this fiscal year, its chief financial officer said at a conference on Thursday. The company had previously said it expected more than $200 million in freight costs and about $125 million in commodity costs after tax for the fiscal year ended May 2021.
Persons: Brendan McDermid Organizations: Procter & Gamble Co, New York Stock Exchange, REUTERS, Procter, Gamble Locations: New York, U.S
Goldman Sachs asks U.S. employees about vaccination status - memo
  + stars: | 2021-06-10 | by ( Reuters Staff | ) www.reuters.com sentiment -0.96   time to read: +1 min
FILE PHOTO: The Goldman Sachs company logo is seen in the company's space on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., April 17, 2018. REUTERS/Brendan McDermid/File Photo(Reuters) - Goldman Sachs Group Inc has asked its U.S. employees to report their COVID-19 vaccination status by Thursday afternoon as the Wall Street bank plans their return to the office, according to a memo seen by Reuters. The New York-based investment bank, which has nearly 40,000 employees around the world, is planning to bring U.S. employees back to the office by mid-June. It said in the memo it was mandatory for employees to submit their vaccination status. Banks globally are adopting different methods to ensure a successful back to office plan, including hybrid working models and vaccination drives.
Persons: Goldman Sachs, Brendan McDermid, David Solomon, Banks Organizations: New York Stock Exchange, REUTERS, Goldman Sachs, Inc, Reuters, The Locations: New York, U.S, The New York
REUTERS/Brendan McDermid/File PhotoBack-to-school sales at U.S. department stores are expected to jump about 25% from last year, as parents splurge on apparel, supplies and electronics for the new academic year when many kids return to classrooms, an industry report showed on Thursday. Sales at department stores this back-to-school season, which runs mid-July through early-September, are forecast to surge 25.3% from a year earlier, and 9.5% over 2019, according to Mastercard Inc SpendingPulse data. Total retail sales, excluding auto and gas, are projected to rise 5.5%. The pandemic pushed department stores, such as Macy's (M.N) and Kohl's (KSS.N), to sell largely online and streamline their businesses at a time they were already facing intense competition and a shift in consumer preference. On Wednesday, The National Retail Federation raised its growth forecast for 2021 U.S. retail sales as the economy reopens faster than predicted.
Persons: Brendan McDermid, Mastercard Steve Sadove Organizations: REUTERS, U.S, Mastercard Inc, Mastercard, Apparel, Electronics, National Retail Federation, Thomson Locations: New York, P.S, Brooklyn , New York, U.S
Verizon turns on commercial private 5G in U.S.
  + stars: | 2021-06-10 | by ( Supantha Mukherjee | ) www.reuters.com sentiment -0.79   time to read: +2 min
REUTERS/Brendan McDermid/File PhotoVerizon Business (VZ.N) on Thursday launched its first commercially available private 5G network in the U.S. to offer businesses and government departments high-speed indoor or outdoor connectivity. Private 5G networks remove the need for businesses to jostle for speed with others on a public network and help enable data-intensive applications that use computer vision, augmented reality and machine learning to increase productivity. Verizon has been trialing private 5G with several customers, including Associated British Ports, and have partnered with the likes of Microsoft (MSFT.O) and Amazon (AMZN.O). The private 5G network, managed by Verizon, would keep all cellular traffic on the premises of the customer to increase security, while authorised remote users can still access applications. Verizon is seeing a lot of demand from financial institutions to increase speed of trading flows using 5G, and warehouses, which are planning to use robots and autonomous vehicles, Sampath said.
Persons: Brendan McDermid, Sampath Organizations: Verizon, REUTERS, Private, Associated, Associated British Ports, Microsoft, Corning, Tyndall Air Force Base, Marine Corps Air Station Miramar, Nokia, Samsung, Thomson Locations: New York City, U.S, Associated British, WeWork
S&P 500 headed for record high as inflation seems temporary
  + stars: | 2021-06-10 | by ( Stephen Culp | ) www.reuters.com + 0.00   time to read: +3 min
(Reuters) - Wall Street stocks rose on Thursday, with the S&P 500 on course to hit an all-time closing high, as the much-anticipated consumer price index report signaled that the current inflation wave will be transitory. REUTERS/Brendan McDermidAll three major U.S. stock indexes were higher, with market-leading megacap stocks putting the Nasdaq out front. The Dow Jones Industrial Average rose 126.15 points, or 0.37%, to 34,573.29; the S&P 500 gained 25.09 points, or 0.59%, at 4,244.64; and the Nasdaq Composite added 108.76 points, or 0.78%, at 14,020.51. Among the 11 major sectors of the S&P 500, healthcare enjoyed the largest percentage gains. The S&P 500 posted 57 new 52-week highs and no new lows; the Nasdaq Composite recorded 92 new highs and 11 new lows.
Persons: Brendan McDermid, , Colin Asher, ” Asher, Joe Biden’s, decliners Organizations: Reuters, New York Stock Exchange, REUTERS, Nasdaq, Labor, Mizuho, U.S . House, Dow Jones, Treasury, GameStop Corp, Clover Health Investments Corp, AMC Entertainment Holdings, Beyond Inc, GEO Group, Boeing Co, United Airlines, Boeing, Airbus, Pfizer Inc, NYSE Locations: St, New York City, U.S, London, United
Occidental to sell some Permian basin assets for $508 mln
  + stars: | 2021-06-10 | by ( ) www.reuters.com sentiment -1.00   time to read: +1 min
The logo for Occidental Petroleum is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 30, 2019. REUTERS/Brendan McDermid/File PhotoOccidental Petroleum Corp (OXY.N) said on Thursday it would sell some of its acreage in Texas' Permian basin to an affiliate of private equity-backed Colgate Energy Partners III LLC for $508 million. The company's long-term net debt stood at $35.47 billion as of March 31, according to a regulatory filing, and has said it plans to sell between $2 billion and $3 billion in properties this year to reduce its debt. read more (https://bit.ly/3imcjXe)The deal with Colgate Energy includes about 25,000 net acres in the Southern Delaware Basin in Texas with current production of about 10,000 barrels of oil equivalent per day (boepd) from about 360 active wells. Occidental, which expects to close the deal by the third quarter, maintained its 2021 forecast for capital expenditure and production.
Persons: Brendan McDermid Organizations: Occidental Petroleum, New York Stock Exchange, REUTERS, Occidental Petroleum Corp, Colgate Energy Partners, Anadarko Petroleum, Colgate Energy, Thomson Locations: New York, U.S, Texas, Southern Delaware, Occidental
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