Wall Street retreated from record levels on Wednesday, Aug. 10, after a drop in oil prices pressured energy stocks, while shares of Walt Disney surged on its results and an acquisition. A rally since late June has pushed the S&P 500 up more than 6 percent in 2016 as low interest rates encourage investors to buy U.S. equities, although high valuations are of concern to many.
HOUSTON -- Continental Resources Inc., North Dakota's second-largest oil producer, posted a quarterly loss on Wednesday that missed Wall Street's expectations because of the slump in crude prices. The loss is an example of the difficulty facing the oil industry as it seeks to offset the period of low prices. Many companies have slashed costs to survive. Shares of Continental fell 3 percent to $43.50 in after-hours trading on Wednesday.
SAN FRANCISCO -- Facebook will allow small businesses in emerging markets sell to customers for free through their Facebook pages, the social media company said on Wednesday, marking a new effort to build up potential advertisers in its fastest-growing regions.
Wal-Mart Stores Inc. is in talks to buy online retailer Jet.com, the Wall Street Journal reported on Wednesday, citing people familiar with the matter. It was not clear how much Wal-Mart would pay, but Jet.com could be worth as much as $3 billion, the WSJ said. Wal-Mart declined to comment. Jet.com, considered a formidable competitor to Amazon.com Inc, was not available for comment.
NEW YORK -- U.S. single-family home prices rose less than expected on an annual basis in May, and were down from the prior month, a survey showed on Tuesday. The S&P CoreLogic Case-Shiller composite index of 20 metropolitan areas rose 5.2 percent in May on a year-over-year basis, retreating from the 5.4 percent climb in the prior month and short of the estimate for a 5.5 percent increase from a Reuters poll of economists.
DUBAI, United Arab Emirates -- Fire broke out at a 75-story residential tower in Dubai on Wednesday, July 20, Reuters witnesses said, the fifth blaze in a skyscraper in the...
Halliburton, the world's No.2 oilfield services provider and a major operator in North Dakota’s Oil Patch, said it expects a "modest uptick" in rig count in the second half of the year, but emphasized that the current low pricing environment was unsustainable. Shale oil companies have started putting rigs back to work, encouraged by a near 70 percent jump in U.S. benchmark oil prices since February. "We believe the North America market has turned," Chief Executive David Lesar said in a statement Wednesday.
WASHINGTON -- U.S. job growth surged in June as factories and retailers boosted hiring, confirming the economy has regained speed after a first-quarter lull, but tepid wage growth could see the Federal Reserve still cautious about hiking interest rates. Nonfarm payrolls increased by 287,000 jobs last month, the largest gain since last October, the Labor Department said on Friday. May payrolls were revised down to show them rising 11,000 rather than the previously reported 38,000.
(Reuters) - Amazon.com Inc will launch new lines of its private-label brands in the coming weeks, the Wall Street Journal reported, citing people familiar with the matter. The new brands...
Industrial gas producer Air Products and Chemicals Inc (APD.N) is in advanced talks to sell its performance materials operations to Germany's Evonik Industries AG (EVKn.DE), a source familiar with the matter told Reuters. The business, which makes chemicals used in sun lotion and paint, could be valued at more than $3.5 billion, according to the source.