The markets rebounded during the midday with the Dow leaping 248 points to 18,334 after comments by Federal Reserve Board Governor Lael Brainard calmed rate hike fears. Nasdaq jumped 81 points to 5,207.
The Department of Justice issued subpoenas to Taro Pharmaceutical Industries and two executives for documents related to generic drug pricing and sales. Communications between Taro and its competitors have also been requested. The maker of generic over the counter ointments has said that it will cooperate with the investigation.
At the request of domestic steel producers, the Commerce Department conducted an investigation into the practices of Chinese steel companies. A preliminary finding has been made that Chinese stainless steel sheet and strip imports have been dumped in the U.S. at below market rates. Preliminary antidumping duties have been set and will be implemented if the U.S. International Trade Commission finds that domestic steel producers have suffered damage from the Chinese imports.
Google released its Cardboard Camera app for Apple's iOS today. The app allows users to create 3D panorama views using photos taken with an Apple device. Users can view the finished photos with the Google Cardboard viewer.
In the broad market, declining issues outpaced advancers by a margin of 4 to 3 on the NYSE and by 7 to 5 on Nasdaq. The broader S&P 500 gained 5 points to 2,133. Bitcoin added $2 to $605.
