The markets enjoyed a healthy gain today as investors chased at the idea of buying a dip. The Dow 30 was higher by 168, the S&P 500 added 16, and the Nasdaq 100 gained 34. Tomorrow investors will get a look at pending home sales and the weekly crude oil inventory results.
Darden Restaurants (DRI ) was a big winner today gaining 9.30% as the company announced that it would raise its profit outlook for the year. They did this after reporting a beat on both its top and bottom lines for last quarter. Analysts note that the results were "driven mainly by better than expected sales growth at most of its restaurant chains." The restaurant chain also said it would buy privately held Cheddar's Scratch Kitchen for $780 million in cash. Shares blasted off to new highs on all the good news.
Tesla (TSLA ) added another 2.68% today after news came out that Chinese internet firm Tencent is buying a 5% stake in the electric automaker. This will bring their holdings to more than 8 million shares in Tesla, which makes it one of the company's biggest shareholders. Shares are now up over 30% since the beginning of the year.
Amazon (AMZN ) shares added another 1.08% today as the company confirmed it's "buying the biggest online retailer in the Middle East-Dubai-based Souq.com." Terms of the deal were not released, but Reuters reports that Amazon is paying less than the $800 million counteroffer made by a state backed firm in Dubai. The deal is expected to close this year.
