Stocks Continue Two Day Slide Downward After Federal Reserve Comments

The stock market closed with another record figure on Thursday as rising oil prices bolstered energy stocks.”Best Buy was among the biggest gainers after reporting earnings that exceeded the expectations of Wall Street analysts. Lumber Liquidators, a specialty retailer of hardwood flooring, plunged after its CEO abruptly quit the company.

Stocks are trading at record levels, but the market’s gains this week have been modest.

On the one hand, signs that the economy is flagging suggest that the Federal Reserve will likely refrain from raising rates until later in the year at the earliest. The central bank has kept its benchmark interest rate close to zero for more than six years.” [ABC News/AP]

Mexican conglomerate Alfa S.A.B. de C.V. and Harbour Energy Ltd. have agreed to pay $5.32 a share for the remaining majority stake of Canadian-Colombian oil company Pacific Rubiales Energy. “The deal values Pacific Rubiales at about US$1.7 billion, excluding more than US$4 billion in debt, the company said in a statement Thursday.

The deal, which is expected to close in the third quarter, has received approval from the company’s board, it said.” [WSJ]

GE has announced the launch of its Digital Wind Farm, an adaptable wind energy ecosystem that will pair  turbines with the digital infrastructure for the wind industry. “The technology boosts a wind farm’s energy production by up to 20 percent and could help generate up to an estimated $50 billion of value for the wind industry.

The Digital Wind Farm uses interconnected digital technology—often referred to as the Industrial Internet—to address a long-standing need for greater flexibility in renewable power. The technology will help integrate renewable power into the existing power grid more effectively.” [GE Press Release]