Category: Stock Market News

A 41-year-old man died of his burns after running into a massive fire at the Burning Man festival in Nevada’s Black Rock Desert. Authorities said Aaron Joel Mitchell broke through a security perimeter Saturday night as a 40-foot effigy was set alight, and ran into the flames. Firefighters pulled him out, but he died Sunday morning after being airlifted to a burn center in Davis, Calif. Authorities said about 50,000 people were watching the effigy burn, which typically caps off the weeklong celebration. In a statement, the Burning Man organization said it canceled other burns scheduled for Sunday, but will hold the traditional Temple burn Sunday night. “Now is a time for closeness, contact and community,” the organization said, and trauma counselors have been made available. “Trauma needs processing. Promote calls, hugs, self-care, check-ins, and sleep.” The festival has been held the the remote Nevada desert since 1990, and draws many from the arts, entertainment and tech communities.

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President Donald Trump has decided to end the Deferred Action for Childhood Arrivals program, according to a report late Sunday by Politico. The action would result in the deportation of nearly 800,000 children of undocumented immigrants, known as “Dreamers,” and is likely to ignite another political firestorm for the Trump administration. DACA has significant bipartisan support in Congress, and a number of top Republicans have warned against its repeal. According to Politico, enforcement will be delayed for six months, which could give Congress enough time to come up with a replacement plan. Ending DACA was a campaign promise of Trump, and the White House said last week an official announcement was expected Tuesday. A number of executives from Fortune 500 companies, including Apple Inc. CEO Tim Cook, have signed a letter of support for Dreamers, calling them vital to America’s future and warning of the economic repercussions. “Our economy would lose $460.3 billion from the national GDP and $24.6 billion in Social Security and Medicare tax contributions,” the group said in an open letter Thursday.

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O’Reilly Automotive Inc. said late Friday its board authorized the buyback of an additional $1 billion in shares. The additional $1 billion is effective for three years, and raises the auto-parts retailer’s total buyback authorization to $9.75 billion, the company said. Shares of O’Reilly ticked up 0.4% to $197.77 after hours

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U.S. stocks ended higher Friday, closing out the first session in September the same way it wrapped up the previous day and month, as Wall Street read a batch of mixed data, including the headline jobs report, as sapping some of the Federal Reserve’s zest for further interest-rate hikes in 2017. Lower borrowing costs are bullish for stocks of U.S. corporations. The Dow Jones Industrial Average closed up 0.2% at 21,997, marking its fourth straight day in positive territory. The Nasdaq Composite Index finished with its 46th all-time high of 2017, up 0.1% at 6,435, and posting a weekly gain of 2.7%. That’s its best weekly tally since the week ended Dec. 9, 2016, according to FactSet data. The S&P 500 , meanwhile, booked a weekly climb of 1.3% and, ended the session up 0.2% at 2,475. The Dow closed up 0.8% over the same period. On the economic front, the U.S. added 156,000 jobs in August, compared with the 170,000 expected according to economists polled by MarketWatch, with the unemployment rate holding at 4.4% in August, undercutting expectations. In corporate news, newly merged Dow Chemical Co. and DuPont & Co. saw their first trading day as DowDuPont Inc. . Trading action came amid relatively thin trading, with U.S. markets closed on Monday in observance of Labor Day.

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Google Inc.’s parent company Alphabet Inc. announced Friday that it is forming a new company called XXVI Holdings Inc. that will finalize its transformation from a search giant into a corporate conglomerate with units across a range of sectors and industries. The new structure allows the company’s business units, now under the Google umbrella and called “Other Bets,” to become subsidiaries of Alphabet. Google is also changing from a corporation into a limited liability company, which is related in part to its status as an Alphabet subsidiary. A company spokeswoman told Bloomberg that the legal process won’t affect operations, executives or shareholder control. XXVI Holdings, or 26 as Roman numerals, is the number of letters in the English alphabet. The company’s stock edged down during the regular session to $952, but is up 20% this year, with the S&P 500 index up 9.6%.

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President Donald Trump will make an announcement about a decision on an Obama-era immigration program on Tuesday, White House press secretary Sarah Huckabee Sanders said Friday. The Deferred Action for Childhood Arrivals program, or DACA, gives reprieves from deportation for nearly 800,000 people brought to the U.S. as children. Earlier Friday Trump said a decision could come as early as Friday and as late as Monday.

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Auto sales slumped in August to the worst level in more than years. According to data tabulated by Autodata, vehicle sales ran at a 16.1 million seasonally adjusted annual rate, down from 16.8 million in July and the worst since Feb. 2014. Economists polled by MarketWatch had expected a 16.6 million rate. Year-over-year, vehicle sales were down 6.3%.

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U.S. oil prices edged up Friday, but settled with a fifth-straight weekly loss as traders weighed storm system Harvey’s impact on crude production and refinery demand in the Gulf of Mexico region. Gasoline futures, meanwhile, eased back, but still posted its strongest weekly gain since the last full week of February, as refinery output remained crippled in the wake of the storm. October West Texas Intermediate crude added 6 cents, or 0.1%, to settle at $47.29 a barrel on the New York Mercantile Exchange. It fell 1.2% for the week, according to FactSet data. October gasoline lost 3.1 cents, or 1.8%, to end at $1.748 a gallon-with the new front-month contract up about 13.4% for the month.

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New York Fed President William Dudley said Friday he failed to disclose to his supervisors at the bank that his half-sister was a senior vice president at Wells Fargo. In a statement, Dudley said he did not realize his mistake until earlier this year. When he became aware of the mistake, he said he told the New York Fed’s board. In a separate statement, Sara Horowitz, the chair of the New York Fed board, said an outside review found the failure was a “relatively minor violation” and no further action was needed. The Bank of England’s deputy governor, Charlotte Hogg, resigned earlier this year over a similar lack of disclosure.

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Gold prices climbed Friday, tallying a 2.5% gain for the week to reach their highest settlement since late September. A weaker-than-expected monthly U.S. employment report fed the debate over whether the Federal Reserve will raise interest rates again this year. The uncertainty helped support gold, as higher rates dull demand for the precious metal. December gold rose $8.20, or 0.6%, to settle at $1,330.40 an ounce.

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