The markets advanced during the midday with the Dow gaining 44 points to 22,376. Nasdaq rose 6 points to 6,460.
Toys R Us became the latest retailer to file for Chapter 11 bankruptcy protection. After struggling for years to compete against Amazon and discount chains, the largest toy store chain in the U.S. plans to invest $90 million to overhaul its online presence. Toys R Us will also close an unspecified number of stores and convert remaining locations into interactive spaces for product demonstrations and parties.
Fiat Chrysler Automobiles will recall approximately 494,000 pickup trucks due to a potential fire hazard. Model year 2013-2017 Ram 2500 and 3500 pickup trucks that were sold worldwide have defective water pumps that may overheat and possibly start a fire. No injuries have been reported but there have been some fire related incidents.
The Commerce Department reported a 0.8% slip in housing starts last month to a seasonally adjusted annual rate of 1.18 million units. Construction of single family homes climbed while multifamily units fell. However, building permits soared 5.7% to a rate of 1.30 million units.
In the broad market, advancing issues outpaced decliners by a margin of nearly 6 to 5 on both the NYSE and on Nasdaq. The broader S&P 500 added 2 points to 2,506. Bitcoin tumbled $67 to $4,000.
