3 things to know about Wall Street while heading to lunch – tech2.org

3 things to know about Wall Street while heading to lunch


Here are three things you should know at noon on Monday, December 4:

1 . – The Dow Jones Industrial Average soared on Monday, December 4, and the S & P 500 rose sharply when the Senate approved its version of the US tax reform.

Both indices quoted at record highs. At one point on Monday, the Dow had risen more than 300 points, but since then it has risen to that height to negotiate with a profit of 215 points.

The bank's shares rose sharply on Monday, rising as investors reacted to the pbadage of a Senate tax reform bill that could set the stage for the biggest legislative victory under the administration of Donald Trump.

JPMorgan Chase & Co. (JPM) rose 2.2%, and Goldman Sachs Group Inc. (GS) rose 1%. The Financial Select Sector SPDR ETF (XLF) gained 1.9%.

Watch: Disney helps push the Dow to a high record

Industrial stocks were also higher as investors turned to cyclical moves. Boeing Co. (BA) rose 2.8% and Union Pacific Corp. (UNP) gained 5.2%. The Industrial Select Sector SPDR ETF (XLI) rose 1.7%.

Technological stocks lagged behind in valuation issues, dropping the Nasdaq down 0.5%. Shares of Advanced Micro Devices Inc. (AMD) fell 7%, while Nvidia Corp. (NVDA) fell 4.9%.

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2 . – Shares of Aetna Inc. (AET) fell slightly at midday on Monday after agreeing to be purchased by CVS Health Corp. (CVS) for $ 69 billion. CVS shares fell 5%. Standard & Poor's placed the CVS ratings on the negative credit rating after the announcement of the agreement.

Is the combination a reaction to Amazon Inc. diving (AMZN) in health care?

Recently, Amazon obtained wholesale distribution licenses from pharmaceutical boards in several states, including New Jersey, Connecticut, Michigan and Arizona. It is also reported that in preliminary discussions with manufacturers of generic drugs, including Mylan NV (MYL) and Novandois AG (NVS) Sandoz.

One could argue that the agreement also harms CVS competitor Walgreens Boots Alliance Inc. (WBA), as a tandem pharmacy provider and health insurer could help channel Walgreens sales.

Walgreens shares fell 0.7% at noon on Monday.

JJ Kinahan: The CVS-Aetna agreement will be a big test for the government

3 . – Broadcom Ltd. (AVGO) took over its $ 130 billion hostile bid to buy Qualcomm Inc. (QCOM) from the chipmaker's shareholders by launching a total acquisition effort on the board to help boost its commercial effort .

The battle for the semiconductor company's boardroom was expected as Qualcomm said last month it rejected Broadcom's unsolicited offer of $ 70 in cash and stock. The agreement, if it were ever consummated, would represent the greatest technological combination ever created.

Ron Orol of TheStreet said he believes the Broadcom measure will likely generate a higher bid.

Broadcom shares fell 2.9% on Monday, while Qualcomm shares fell 2%, in sympathy with other shares in the technology sector.

More than what is trending in TheStreet:

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