Venezuela seizes GM plant

The markets advanced during the midday with the Dow leaping 162 points to 20,566. Nasdaq climbed 50 points to 5,913.


Authorities in Venezuela seized a General Motors plant prompting the automaker to halt all production in the South American nation. GM characterized the actions as an "illegal judicial seizure of its assets." High crime rates and a lack of basic goods and services have sparked public protests against the increasingly autocratic government.


Saudi Arabian energy minister Khalid al-Falih indicated that oil production cuts that were implemented in January may continue. The production reduction agreement between the Organization of the Petroleum Exporting Countries and non-OPEC was an effort to boost oil prices that had tumbled amidst an inventory glut. The six month experiment to curb production lifted oil prices from below $30 per barrel last year to $50 per barrel today.


Intercontinental Hotels Group admitted that more than 1,200 of its locations experienced data breaches between September 29, 2016 and December 29, 2016. The hotel operator originally reported malware infections at a dozen of its Holiday Inn sites. An investigation revealed that the Candlewood Suites, Crown Plaza, Holiday Inn, Hotel Indigo and Staybridge Suites brands all had customer credit and debit card information stolen.


In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The broader S&P 500 index gained 16 points to 2,354. Bitcoin climbed $30 to $1234.


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