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Stocks fall sharply, oil drops back below $30

trader on stock floor.

Steep losses in financial, technology and other companies sent U.S. stocks sharply lower in afternoon trading Monday, pulling the Dow Jones industrial average down 400 points. The decline followed drops in Europe and set the market on course for its second big loss in a row. Crude oil prices slumped again. KEEPING SCORE: The Dow Jones industrial average fell 396 ...

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Chesapeake Energy says it has no plans to file for bankruptcy

A building at the Chesapeake Energy Corp. headquarters lights up for Christmas in Oklahoma City. (Image: Kool Cats Photography via Flickr)

NEW YORK (AP) — Chesapeake Energy sought to assure investors Monday that it is not planning to file for bankruptcy protection after a news report saying it hired a law firm sent its stock plummeting. The energy company says it is working with Kirkland & Ellis to “strengthen its balance sheet” and currently has “no plans” to file for bankruptcy. ...

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Alliance Resource Partners LP announces 200 layoffs

Alliance Resource Partners LP announces 200 layoffs

ST. LOUIS — Alliance Resource Partners LP, the owner of two southern Illinois coal mines, says it’s cutting more than 200 jobs at those locations as well as additional positions at a Kentucky mine. The St. Louis Post-Dispatch reports that Alliance Resource Partners LP announced the layoffs at its Hamilton and White County coal mines on Friday. Two hundred jobs ...

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US stocks open lower; energy sector sinks along with oil

US stocks open lower; energy sector sinks along with oil

U.S. stocks moved broadly lower in early trading Monday, putting the market on track for its second sizeable loss in a row. Technology, financial and energy stocks were among the biggest decliners. The slide followed steep drops in Europe. Crude oil prices slumped again. KEEPING SCORE: The Dow Jones industrial average fell 309 points, or 1.9 percent, to 15,903 as ...

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Survey: US employers added a solid 205K jobs in January

In this Wednesday, Jan. 27, 2016, photo, Nicole Kelly, right, interviews Justin Rushing for a server job at a job fair held by The Genuine Hospitality Group, in Miami. The restaurant group is expanding in South Florida and is hiring for all positions at its restaurants. On Wednesday, Feb. 3, 2016, payroll processor ADP reports how many jobs private employers added in January. (AP Photo/Lynne Sladky)

WASHINGTON — U.S. businesses added a solid 205,000 jobs last month, lifted by robust gains in services and construction and extending a streak of steady hiring, according to a private survey. Payroll processor ADP said Wednesday that financial services, retailers and professional services firms also hired at a steady pace. The figures suggest that companies focused on the domestic economy ...

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US exports fell in 2015 for first time since recession

FILE - In this Friday, Jan. 29, 2016, file photo, an Icelandic cargo ship is loaded with containers in Portland, Maine. On Friday, Feb. 5, the Commerce Department reports on the U.S. trade gap for December. (AP Photo/Robert F. Bukaty, File)

WASHINGTON (AP) — The U.S. trade deficit rose in December as American exports fell for a third straight month, reflecting the pressures of a stronger dollar and spreading global weakness. Those factors contributed to the first annual drop in U.S. export sales since the Great Recession shrank global trade six years ago. The December deficit increased 2.7 percent to $43.4 ...

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Tesla gigafactory job creation slower than first projected

A digitally rendered aerial view of Tesla's proposed Gigafactory in Nevada. (Image courtesy Tesla Motors)

CARSON CITY, Nev. (AP) — Electric carmaker Tesla’s northern Nevada battery plant is creating jobs more slowly than first projected, although state officials say it’s still making satisfactory progress. A progress report issued this week by the Nevada Governor’s Office of Economic Development said there were 272 people working at the Tesla and Panasonic factories at the end of the ...

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Energy loans likely to cause further losses for big banks

NEW YORK — The nation’s six largest banks have hit an oil slick. They have tens of billions of dollars of exposure to risky energy loans that won’t all be paid back because low oil prices have sapped the profits of oil companies. The value of those loans will have to be written down even further, and bank profits are ...

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Berkshire Hathaway betting big on Phillips 66

Berkshire Hathaway betting big on Phillips 66

Berkshire Hathaway increased its stake in Houston-based Phillips 66. Since the start of February, the company has purchased about 1.7 million Phillips 66 shares for almost $132 million, according to CNBC. This year, the Warren Buffett-led conglomerate has added a total of 12.5 million shares in Phillips 66. Total costs add up to $964 million. Shares were purchased between $77.40 ...

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Global oil production cash negative at current prices

oil barrel

3.4 Million barrels per day (b/d) of oil produced globally is produced at cash negative number, according to an analysis by Wood Mackenzie. This has resulted in an unexpectedly low rate of stopped production of less than 100,00 b/d globally. Companies continue to pump oil despite these low rates in hopes oil prices will rebound. Restart costs and covering fixed ...

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