S&P 500, Nasdaq hit record highs on IBM, chip power
The S&P 500 and Nasdaq hit record highs on Wednesday as a strong forecast from IBM added to optimism over corporate earnings, while investors assessed risks from a virus outbreak in China.
United says does not expect to fly the 737 MAX this summer
(This Jan. 22 story corrects attribution in first and second paragraphs to Chief Commerical Officer Andrew Nocella from President Scott Kirby)
Tesla’s furious rally pushes market value past $100 billion
Tesla Inc shares surged on Wednesday, and the company became the first publicly listed U.S. automaker to cross $100 billion in market valuation, more than Ford Motor Co and General Motors Co combined.
Abbott hits all-time high on quarterly revenue beat
Abbott Laboratories Inc’s shares rose to an all-time high on Wednesday after the device maker beat Wall Street estimates for quarterly sales on higher demand for its nutrition products and generic drugs.
Laid-off Philadelphia refinery workers struggle with shrinking sector
Third-generation Philadelphia oil refinery worker Lee Murray wore his late father’s hard hat every day of the 25 years he spent there.
Real estate developer in $240 million deal to buy Philadelphia refinery
Real estate developer Hilco Redevelopment Partners has entered into a $240 million agreement to purchase the Philadelphia Energy Solutions (PES) oil refinery, which was the largest and oldest on the East Coast, according to court documents on Wednesday…
Morgan Stanley executive Rich Portogallo to retire: memo
Veteran Morgan Stanley executive Rich Portogallo, who was key in building the bank’s prime-brokerage business, is retiring, according to an internal memo seen by Reuters on Wednesday.
Oil slides 2% as surplus forecast overshadows Libya disruption
Oil prices fell more than 2% on Wednesday as a market surplus forecast by the International Energy Agency (IEA) and demand worries outweighed concern over disruptions to Libya’s crude output.
Wall Street analysts buy into Netflix optimism amid Disney threat
Netflix Inc acknowledged pressure from Disney+ after the company reported its quarterly results. But executives largely brushed off the long-term global impact of rivals that also include Apple, Comcast Corp’s NBCUniversal and AT&T Inc.
Stocks tick up as China virus worries abate; oil drops
World stock markets bounced back on Wednesday, as swift updates from China about the spread of a new flu-like virus raised hopes the outbreak would be contained, while oil prices tumbled as a market surplus forecast outweighed supply concerns.
