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- ExxonMobil plans $190B investment in energy projects
ExxonMobil plans to spend approximately $190 billion during the next five years on energy projects, Chairman and CEO Rex Tillerson says. "I never would have dreamed I'd be spending at this level," he said. Exxon's output of oil and other liquids is expected to increase an average 4% annually through 2017 as major projects come online, Tillerson says. Rigzone/Dow Jones Newswires
(3/6)     
| Market Trends | | |
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- House passes interim measure to avert U.S. government shutdown
The House of Representatives passed a bill in a 267-151 vote that would fund U.S. government programs through Sept. 30, to avoid a shutdown March 27. Some attendees of a dinner meeting between President Barack Obama and Senate Republican leaders are more optimistic that Democrats and Republicans can reach an agreement on the budget and debt. Reuters
(3/7), USA Today
(3/6), The Hill
(3/6)
- Revised U.S. orders data show best 3 months in 20 years
Revised U.S. figures for January show a 7.2% gain from December in orders for nonmilitary capital goods excluding aircraft. The Commerce Department data also show a 9.8% rise in orders since November, the biggest three-month gain in 20 years. "The fundamentals that drive investment activity are improving rapidly. You really do have all this pent-up demand and catch-up activity," said Diane Swonk, chief economist for Mesirow Financial in Chicago. Bloomberg
(3/6)
- Report on private sector suggests upbeat labor market
A key reading of growth in the private job sector shows a strong gain of 198,000 jobs last month. The report by payroll processor ADP is considered a bellwether for the Labor Department's monthly unemployment data, due Friday. "This report is effectively pointing to a sustained improvement in the labor-market recovery in February, following the positive momentum generated at the end of last year," said Millan Mulraine, a macro strategist at TD Securities. MarketWatch
(3/6)
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- SEC considers making voluntary tech standard mandatory
The Securities and Exchange Commission is set to vote on making the voluntary Automation Review Policy mandatory. The change would require covered entities to regularly audit and stress-test their systems. The SEC might also expand the rule to cover not only exchanges and clearinghouses but also large brokerages and dark pools. Bloomberg
(3/7)
- Progress on Dodd-Frank remains slow
It's unlikely that final rules of the Dodd-Frank Act will be ready by July, three years after it became law, experts say. Only a third of the rules are finalized and the rest are bogged down in processes and politics, they say. "The timelines in Dodd-Frank were never realistic, in my opinion," said Mark Calabria, director of financial-regulation studies at the Cato Institute and a former staffer on the Senate banking committee. National Journal
(3/6)
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