The markets traded mixed during the midday with the Dow climbing 73 points to 19,195. Nasdaq dropped 33 points 5,346.
For the first time in eight years, the Organization of the Petroleum Exporting Countries has agreed to cut production levels in order to boost oil prices. Members will reduce oil production by approximately 4.5%, or 1.2 million barrels per day. Saudi Arabia will shoulder a greater proportion of the cuts by lowering its production by approximately 0.5 million barrels per day.
In response to customer demand, Netflix will begin allowing users to download programs to watch offline. The ability to download is available on the latest versions of the iOS and Android Netflix app. However, only a select number of titles will be downloadable. All Netflix members around the world regardless of membership level can install the app that has the download feature.
GoPro will eliminate around 15% of its workers and close its entertainment division as part of a restructuring plan to return the wearable camera maker to profitability in 2017. Revenue has been falling for the last four quarters and the company had to recall its Karma drones earlier this month. The company expects slash operating expenses by $735 million.
In the broad market, declining issues outpaced advancers by a margin of 7 to 5 on the NYSE and by more than 3 to 2 on Nasdaq. The broader S&P 500 added 3 points to 2,207. Bitcoin gained $7 to $738.
