OPEC is retreating; UMass gift; Nasdaq record
The OPEC oil producer cartel and Russia-led non-allied nations on Wednesday approved the gradual increase in production as the global economy and fuel demand continue to recover.
The group has resisted pressure from the United States to speed up recovery from production cuts made during the pandemic and potentially lower costs at the pump for American drivers.
The group, known as OPEC +, agreed in an online meeting to stick to earlier plans to add 400,000 barrels per day from October 1.
UMass System Receives $ 50 Million Giveaway
The University of Massachusetts received a $ 50 million donation from a pair of alumni, the largest donation of any kind in the history of the system, school officials said.
Robert J. and Donna Manning’s donation will be distributed among the five campuses in the system, with $ 15 million to endow the UMass Boston nursing program, which will become the Robert and Donna Manning College of Nursing and Health Sciences.
The Nasdaq breaks a record
Stocks rose slightly on Wednesday, enough to push the Nasdaq Composite Index to an all-time high. Markets remain calm ahead of Friday’s employment report and US Labor Day Monday.
The S&P 500 Index gained 1.41 points, or less than 0.1%, to close at 4,524.09. The Dow Jones Industrial Average fell 48.20 points, or 0.1%, to 35,312.53 and the Nasdaq climbed 50.15 points, or 0.3%, to 15,309.38.