The markets advanced during the midday with the Dow climbing 77 points to 21,860. Nasdaq gained 16 points to 6,274.
As an incentive to open a data center in Iowa, Apple has been offered $213 million in state and local tax breaks. Apple has proposed building two data centers in Waukee, Iowa for $1.375 billion that will employee approximately 50 people. Waukee has approved property tax abatement incentives along with water and sewer infrastructure improvements that total $194 million while Iowa awarded Apple $19.65 million in investment tax credits.
A number of vendors will no longer supply Sears with their merchandise due to the high cost of a specialized vendor insurance. Accounts receivable puts pay a supplier if a retailer were to file for bankruptcy. Vendor insurance for Sears surged after the department store operator warned that it may not be able to continue operations.
Samsung chairman and heir to the global electronics company Lee Jae-yong was sentenced to five years in prison for bribery, embezzlement and perjury. Lee was accused of offering bribes to former South Korean president Park Geun-hye and a friend of Park's in exchange for political favors. Samsung plans on appealing the ruling.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by a margin of nearly 5 to 3 on Nasdaq. The broader S&P 500 gained 9 points to 2,448. Bitcoin leaped $190 to $4,424.
