The markets traded higher during the midday with the Dow gaining 58 points to 22,006. Nasdaq added 10 points to 6,439.
A federal judge struck down an overtime pay rule that would have extended eligibility for overtime pay to more than 4 million workers. The rule would have increased the maximum salary to $47,476 from $23,660 for employees to be exempt from overtime pay. Businesses have said that labor expenses would have surged under the new rule.
Lululemon Athletica plans to expand its menswear line of clothing into a billion dollar business by 2020. The Canadian athleisure wear maker has opened standalone stores for menswear and increased space for men's clothing in its existing stores. It's ABC brand of pants and swimming apparel have been popular with customers.
Honda and Acura owners who may have defective Takata air bags installed in their vehicles will get their air bags replaced and received compensation up to $500. Approximately 16.5 million owners will be eligible roe he settlement. A free rental car may also be provided to owners while their vehicles are being fixed.
In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 3 on the NYSE and by more than 5 to 3 on Nasdaq. The broader S&P 500 rose 6 points to 2,478. Bitcoin soared $114 to $4,850.
