The markets started the week on a positive note as the trade talks in China begin. The Dow 30 was higher on the day by 98, the S&P 500 closed higher by 17, and the Nasdaq 100 added 84 on the day. A handful of expected reports were not issued today, as the government remains shutdown. The White House did announce later in the day that refunds will go out despite the shutdown.
Sector News
OIl continued its string of gains today, higher now for the sixth straight day. Last week investors responded to the draw in overall US inventory, which bled into this week as well. In addition, there were reports of further cuts out of Saudi Arabia, which helped support prices.
Semiconductors were stronger on the day thanks to some news out of CES in Vegas. Nvidia announced new, lower-priced graphics cards, which sent the stock and others in the space higher.
Stock News
Eli Lilly (NYSE: LLY) is the latest in the healthcare space to announce an acquisition. They pharmaceutical company announced they would be buying cancer drug company, Loxo Oncology (NASDAQ: LOXO) for $8 billion in cash. This equates to a deal of $235 per share.
PG&E (NYSE: PCG) - shares fell over 20% after reports came out on Friday that the California utility may be forced into bankruptcy thanks to the massive liabilities from wildfires which were caused by its equipment in 2017 and 2018.
Apple (NASDAQ: AAPL) announced deal with Samsung to distribute iTunes shows on Samsung-branded smart TVs. Look for an app in the coming months. Apple shares continue to trade near 52-week lows.
Dollar Tree (NASDAQ: DLTR) spiked higher today as news came out from the Wall Street Journal that activist investor Starboard Value was pushing the company to sell Family Dollar and change its overall pricing model. Shares traded nearly back to last May's highs and are now up almost 8% in just the last month.
Tesla (NASDAQ: TSLA) shares were higher as the CEO Elon Musk was in China to break ground on their new gigafactory.