The markets traded mixed during the midday with the Dow soaring 129 points to 21,479. Nasdaq dropped 30 points to 6,110.
The Federal Trade Commission granted antitrust approval to Broadcom for its $5.5 billion deal to acquire Brocade Communications Systems. To secure antitrust approval, Broadcom has agreed to separate the facilities that it uses to supply Cisco System from the rest of Broadcom in order to prevent any information from being used by the Brocade Communications Systems business to compete against Cisco. The deal has already been approved by European Union and Japanese regulators.
Tesla will begin production of its Model 3 sedan this month with delivery of the first 30 vehicles expected at the end of July. Production will increase to 1,500 vehicles in September and 20,000 per month by December. More than 300,000 customers have placed a deposit for the Model 3.
A district judge dismissed a lawsuit that accused Facebook of illegally tracking the internet activity of users after they had logged out of their accounts. Plaintiffs alleged that the social media site violated federal and California privacy laws and wiretapping laws. The judge ruled that no reasonable expectation of privacy was established by the lawsuit nor was any realistic economic harm or loss established by the plaintiffs.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by more than 3 to 2 on Nasdaq. The broader S&P 500 rose 5 points to 2,429. Bitcoin climbed $32 to $2502.
