The markets retreated from early morning highs to trade modestly higher with the Dow gaining 59 points to 18,158. Nasdaq added 4 points to 5,217.
Deutsche Bank said in an internal meeting that it would need to eliminate an additional 10,000 employees in order to cut expenses. The bank had already announced 9,000 job cuts last year. The possibility of exiting certain countries was also discussed.
Viacom retained the services of Morgan Stanley, Allen & Co. and LionTree to exploring a possible merger with CBS. National Amusements, which is a majority shareholder of both Viacom and CBS, suggested the merger to better position the combined company in the highly competitive entertainment and media industry.
Iron Man actor Robert Downey Jr. offered to provide the voice for Facebook's virtual assistant. Facebook founder and chief executive Mark Zuckerberg has been testing the virtual assistant at his home. Zuckerberg used Facebook to solicit suggestions for the virtual assistant voice. Downey Jr. responded that he would do it if actor Paul Bettany was paid and then donated the funds to a charity chosen by Dr. Strange actor Benedict Cumberbatch.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE while advancers barely edged out decliners by a slim margin on Nasdaq. The broader S&P 500 added 2 points to 2,135. Bitcoin edged up to $635.
