The markets traded modestly higher during the midday with the Dow rising 25 points to 20,094. Nasdaq held steady at 5,656.
Because Ford recorded near record profit in 2016, Ford workers are eligible for bonuses of up to $9,000. The United Auto Workers union negotiated a profit sharing plan that provides $1 to employees for every $1 million of profit in North America. Ford recorded a North American pretax profit of $9 billion last year.
Johnson & Johnson will pay a premium of approximately $30 billion in cash to acquire Actelion. Johnson & Johnson was attracted to the Swiss biotech's portfolio of high priced treatments for rare diseases. Actelion will spin-off its research and development unit as part of the deal.
Barclays will move its European Union headquarters from London to Dublin, Ireland. The move was triggered by British Prime Minister Theresa May's decision for a hard Brexit. The bank plans to hire approximately 150 employees for its new offices. Barclays currently has approximately 100 staff members in a small office in Dublin.
In the broad market, declining issues outpaced advancers by a margin of more than 10 to 9 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 index slipped 2 points to 2,296. Bitcoin climbed $20 to $909.
