Economy

Dow hits record high at market open

Dow hits record high at market open”

Broadcom was off 0.6 percent.

Strong corporate earnings, along with improving economic data and the prospects of changes to the USA tax code, have helped stocks climb higher since President Donald Trump was elected.

Mylan rose 2 percent, a day after the drugmaker raised its full-year forecast.

Qualcomm rose 1.15 percent after Broadcom offered to buy the smartphone chip supplier for $103 billion in what could be the biggest-ever acquisition in the tech sector.

Negotiations on President Donald Trump's tax bill have begun after House Republicans last week unveiled a first draft that proposed a range of cuts aimed at helping businesses, including slashing the corporate rate to 20 percent from 35 percent.

"I think that has to be the main driver", said John Brady, managing director at R.J. "Even if it only goes to 25 percent or 27 percent, it's still moving the right way".

Shares of Sprint fell as much as 14.2 percent to more-than-a-year low after the wireless provider and T-Mobile called off a planned merger. T-Mobile lost 5.72 percent.

The Standard & Poor's 500 index climbed 3.29 points, or 0.1 percent, to 2,591.13.

All three major indexes closed at record highs.

At 12:29 p.m. ET (1629 GMT), the Dow Jones Industrial Average was up 3.75 points, or 0.02 percent, at 23,542.94, the S&P 500 was up 1.7 points, or 0.06 percent, at 2,589.54.

USA stocks set more records Monday as upheaval in oil-rich Saudi Arabia sent crude prices to two-year highs.

The Russell is up 140.83 points, or 10.4 percent.

Advanced Micro Devices rose 5.2 percent on a report that it plans to team up with Intel to form a personal computer chip unit.

European bourses trade near their flatlines, with Germany's DAX and France's CAC flat, and U.K.'s FTSE -0.2%; in Asia, Japan's Nikkei ended +1.7% and China's Shanghai Composite finished +0.8%.



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