Crude oil prices rose above $45 per barrel to lift the markets higher during the midday with the Dow gaining 76 points to 18,652. Nasdaq climbed 31 points to 5,264.
Analysts are predicting that Apple will unveil a new iPad screen size and a redesigned iPhone next year. Currently, iPads are available in the iPad Mini with a 7.9 inch screen, iPad classic with 9.7 inch screen and the iPad Pro with a 12.9 inch screen. A new 10.5-inch screen is expected to cater to education and commercial markets. Rumors are circulating that next year's iPhone will have edge-to-edge screens, smaller bezels and OLED display technology.
Target continues to struggle to attract customers to its grocery business. The discount retailer expanded its grocery offerings in 2009 with its P-Fresh store remodels. But, shoppers are not buying enough fresh products before they spoil. Grocery revenue is approximately $18.5 billion, or 20% of total annual revenue.
Gawker Media, which filed for bankruptcy in June, will be sold through a court-supervised auction tomorrow. In March, a jury ruled against Gawker and awarded Hulk Hogan $115 million in compensatory damages and an additional $25 million in punitive damages over the publication of a sex tape. Potential buyers include Ziff Davis, which has submitted an opening bid of $90 million, Penske Media and Vox Media.
In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The broader S&P 500 gained 7 points to 2,191. Bitcoin lost $3 to $562.
