Indexes move back closer to record highs
U.S. stock indexes ticked closer to record heights on Tuesday, but the modest moves belied plenty of churning underneath.
Oil prices and energy stocks slumped to give back nearly half of their huge gains from a day earlier. Rising prices for technology stocks and companies that sell to consumers, though, more than made up for those losses. Treasury yields fell a second straight day as the Federal Reserve opened a two-day meeting on interest rates, where investors expect it to announce a cut for the second time in as many months. The S&P 500 rose 7.74 points, or 0.3%, to 3,005.70. It is back to within 0.7% of its record set in late July. The Dow Jones industrial average rose 33.98, or 0.1%, to 27,110.80, and the Nasdaq composite gained 32.47, or 0.4%, to 8,186.02. Benchmark U.S. crude slumped $3.56 to $59.34 per barrel Tuesday, giving up close to half of its surge from a day earlier.
Duke Energy to invest more in renewables
Duke Energy said it plans to invest heavily in renewable energy and natural gas powered plants to further reduce its carbon emissions by 2030. One of the nation’s largest utilities said Tuesday it plans to double its portfolio of solar, wind and other renewable power sources by 2025 and speed up its move away from coal power as part of the plan. The utility said it now expects to cut its 2005 levels of carbon emissions in half by 2030. Previously, its goal was to reduce carbon emissions by 40% by that date. Duke Energy said continued low natural gas prices and declining prices for renewable energy options allowed it to accelerate its plan to reduce emissions of carbon dioxide, a greenhouse gas.
Facebook moves ahead on oversight board
Facebook said it expects to name the first members of a quasi-independent oversight board by year-end. The board will rule on thorny content issues, such as when a Facebook or Instagram post constitutes hate speech. The panel will be able to make binding rulings on whether posts or ads violate the company’s standards. Critics call the oversight board a bid by Facebook to forestall regulation or even an eventual breakup. The company faces antitrust investigations by the Federal Trade Commission, Congress and a group of state attorneys general. Company officials said the board will eventually comprise 40 members, who will decide a few dozen cases a year. It will at first hear only cases initiated by Facebook. Next year, they say, it will begin hearing appeals initiated by users.
Residential building will be 1,550 feet tall
A New York City condominium tower will be the world’s tallest predominantly residential building when it opens next year, though it will be competing with other ultraluxury buildings for billionaire buyers, the building’s developer said Tuesday. Extell Development Co. President Gary Barnett said the $3 billion, 1,550-foot Central Park Tower is entering an “oversupplied” market. “We have to price it at a reasonable range for this type of product,” he said. “And we have to be flexible when we’re selling the really large units.” Apartments now listed on Central Park Tower’s website range from $6.9 million for a 33rd floor, two-bedroom to $63 million for a 112th-floor, five-bedroom.