The markets extended its gains during the midday with the Dow rocketing 292 points to 21,104. Nasdaq surged 77 points to 5,902.
Twitter introduced additional measures to combat abusive behavior by users. Previously, Twitter acted only when victims reported bullying behavior. Now, the social media company will use algorithms to identify accounts that engage in harassment and temporarily penalize the accounts. Users will also be able to mute phrases, words or conversations from their timeline.
Eight senior Wells Fargo executives will not receive cash bonuses for 2016 as part of a company effort to improve transparency and accountability. The three-year performance share equity awards that these same executives received in 2014 will also be slashed by 50%. In total, the compensation reductions amount to approximately $32 million.
YouTube announced a new $35 subscription service aimed at millennials who do not watch TV. The YouTube TV service will offer approximately 40 channels including ABC, CBS, NBC, CW, Fox, Fox News, Disney Channel, MSNBC and FX. The broadcast and cable shows will be streaming live so users will see commercials along with the programs.
In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by nearly 7 to 2 on Nasdaq. The broader S&P 500 index jumped 33 points to 2,396. Bitcoin soared $23 to $1,208.
