Money
Top U.S. pipeline outage impacts aviation network
American Airlines says it has been impacted by the shutdown of the Colonial Pipeline
The airline says it has added a stop on two long-haul flights out of Charlotte North Carolina, because of a fuel supply shortage due to the recent colonial pipeline outage.
American says its daily flight from Charlotte to Honolulu will now stop in Dallas. Passengers will be required to change planes before flying onto Honolulu, while its daily flight from Charlotte to London will stop in Boston for additional fuel.
American is the first U.S. airline to report an impact from the attack on the Colonial pipeline, which carries nearly half the fuel consumed along the U.S. East Coast.
They’ve stated that that the two impacted flights are expected to return to the original schedule on May 15.
Why the country’s biggest fuel pipeline system has shutdown:
One of the United States’ major fuel pipeline operators has shut its entire network following a cyber attack that involved ransomware.
Colonial Pipeline, the source of nearly half of the US east coast’s fuel supply, said they had engaged a cyber security firm to help the investigation and contacted law enforcement and federal agencies after the attack.
The biggest U.S. gasoline pipeline won’t resume full operations for at least several more days due to a ransomware cyberattack blamed on a shadowy criminal network called DarkSide.
The attack on the Colonial Pipeline is one of the most disruptive digital ransom schemes ever reported.
While the impact remains to be quantified, the pipeline shutdown will reduce fuel availability in the near term, push up prices and force refiners to cut production because they have no way to ship the gas.
On Monday, the privately-owned company said it was working on restarting in small phases with “the goal of substantially restoring operational service by the end of the week.
Money
Stocks rally ahead of Thanksgiving as markets log four days of gains
Markets gain momentum ahead of Thanksgiving, with the Dow up 388 points and Oracle rising 4% amid investor optimism.
Markets gain momentum ahead of Thanksgiving, with the Dow up 388 points and Oracle rising 4% amid investor optimism.
Markets are moving into the Thanksgiving break with strong momentum, as stocks notch four straight days of gains. The Dow Jones Industrial Average jumped 388 points, while the S&P 500 added 0.9%, pushing both indexes toward their best week since June.
Oracle led major movers, rising more than 4% after Deutsche Bank reaffirmed its bullish outlook on the tech giant. Broad investor optimism continues building across sectors as economic data softens and earnings remain resilient.
All eyes are now on the Federal Reserve and what potential shifts in interest-rate policy may mean for the markets. U.S. markets will close Thursday for the Thanksgiving holiday and reopen Friday for a shortened trading session.
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Money
Dow surges 500 points amid rate cut optimism
Dow jumps 569 points on fresh hopes for December rate cut and AI market optimism
Dow jumps 569 points on fresh hopes for December rate cut and AI market optimism
– Dow Jones rose 569 points, reflecting optimism for a Federal Reserve interest rate cut.
– Alphabet’s stock increased as Meta may invest in AI chips, but Nvidia’s declined amid market concerns.
Markets anticipate an 85% chance of a quarter-point rate cut in December, driven by comments from New York Fed President John Williams, who indicated the possibility of lower rates soon. Investor sentiment strengthened following reports that Kevin Hassett may be appointed as the next Fed chair, potentially resulting in a more lenient monetary policy.
Tech Sector
Alphabet saw its stock rise by over 1% after reports indicated that Meta Platforms might invest in its AI chips. This could signal increased demand for AI technology, benefiting the sector overall. However, Nvidia’s stock fell more than 3%, suggesting concerns about its dominance in the AI chip market.
Investors are also wary of the valuation of tech stocks. Despite recent gains, the S&P 500 and Nasdaq remain down over 1% and 3%, respectively, for November, while the Dow has lost more than 1% this month. The broader market’s performance indicates ongoing scrutiny regarding tech valuations amid changing economic expectations.
Money
Gold prices surge as Central Banks buy big, but risks grow ahead
Gold prices surge as central banks increase demand; risks include a stronger dollar and rising interest rates.
Gold prices surge as central banks increase demand; risks include a stronger dollar and rising interest rates.
Gold prices are climbing fast as central banks ramp up buying, pushing demand to its highest levels in years. The metal’s reputation as a safe haven is strengthening, especially amid rising geopolitical tensions and global financial uncertainty.
But experts warn the shine could fade. A stronger US dollar and the possibility of rising interest rates may weigh on momentum, making investors question how long the rally can last.
Dr Steven Enticott from CIA Tax breaks down the drivers behind gold’s surge—from ETF inflows to physical bar demand—and what could send the price sharply higher… or lower.
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