As oil surges, US stocks drift sideways in another muted day

THE SACRAMENTO BEE | April 22, 2019

As oil surges, US stocks drift sideways in another muted day
Major U.S. stock indexes drifted sideways in afternoon trading Monday, as a rally in energy companies was mostly held in check by broader declines elsewhere in the market. Energy sector stocks climbed along with the price of crude oil, which surged after the U.S. government moved to further block Iranian oil exports. The Trump administration said it will no longer exempt any countries from U.S. sanctions if they continue to buy Iranian oil, including China and Japan, the world's second and third largest economies. That helped the price of benchmark U.S. crude touch its highest level since October, and energy stocks in the S&P 500 climbed 1.9%. Communications and technology companies were also headed higher. Most other areas of the stock market were weaker, led by real estate companies. Raw material producers and health care stocks also fell. Homebuilders slumped following a report showing that sales of previously owned U.S. homes fell in March.

Spotlight

For more than two decades, former United States Senator from New York Daniel Moynihan put out a report called the “Fisc” to analyze what states “gave” in tax dollars versus what states “got” from the federal government. The report provided the public and policymakers with important information about the flow of tax dollars. The “Fisc” report found that New York gave billions more in tax dollars than it got back. That relationship is significant, with profound policy implications for the state. It is also why the Rockefeller Institute of Government has produced a second balance of payments report, and will be doing so annually. We’ve also added interactive digital data tools to allow users to explore in depth what each state gives and gets. In this time of increasing financial stress on state and local governments, we believe it is critical to continue and provide this analysis each year.

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Spotlight

For more than two decades, former United States Senator from New York Daniel Moynihan put out a report called the “Fisc” to analyze what states “gave” in tax dollars versus what states “got” from the federal government. The report provided the public and policymakers with important information about the flow of tax dollars. The “Fisc” report found that New York gave billions more in tax dollars than it got back. That relationship is significant, with profound policy implications for the state. It is also why the Rockefeller Institute of Government has produced a second balance of payments report, and will be doing so annually. We’ve also added interactive digital data tools to allow users to explore in depth what each state gives and gets. In this time of increasing financial stress on state and local governments, we believe it is critical to continue and provide this analysis each year.