On the 16th anniversary of Hurricane Katrina, the category four storm arrived with winds above 150 mph, striking key energy hub Port Fourchon, whose docking site supports roughly 90% of the Gulf’s oil rigs.
Despite a decent start in earnings season, the Dow Jones Industrial Average broke a multi-week string of gains, shedding 0.5%.
Weary investors speculate sustainability of economic growth while Fed chair insists that high inflation is temporary.
“I think the reason the market liked the June jobs reports today is because it doesn’t change the expectation for the Fed,” said Tom Essaye, President of Sevens Report Research. “That to me is the biggest takeaway. It was a pretty goldilocks report.”
The OPEC ministerial panel recommended an increase in output of the red-hot commodity to compensate for the surging demand of oil in more industrialized countries.