Facebook CEO testifies before Congress

The markets advanced during the midday with the Dow rocketing 456 points to 24,435. Nasdaq leaped 134 points to 7085.


Facebook chief executive Mark Zuckerberg will testify today and tomorrow before a joint session of the Senate Judiciary Committee and the Senate Commerce, Science, and Transportation Committee about privacy and security issues that have plagued the social media site. The private information of approximately 87 million Facebook users was collected by political data firm Cambridge Analytica and allegedly used for campaign purposes. Facebook has suspended a number of data analytics firms in the aftermath of the Cambridge Analytica scandal.


Kroger plans to hire 11,000 employees to staff its supermarkets. The company will also spend $500 million for wages, training and development over the next three years. The supermarket chain currently employs approximately 449,000 people.


The Court of Justice of the European Union ruled that France has the right to pass laws banning transport services such as Uber. Uber had challenged a 2014 law saying that France failed to notify the European Commission of the law. The ruling clears the way for France to file criminal charges against Uber managers.


In the broad market, advancing issues outpaced decliners by a margin of nearly 4 to 1 on both the NYSE and on Nasdaq. The broader S&P 500 surged 45 points to 2,658. Bitcoin soared $142 to $6,848.


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