The markets retreated from early morning highs but continued trading in positive territory with the Dow rising 35 points to 24,909. Nasdaq climbed 38 points to 7368.
The European Commission has said that it would impose duties of 25% on products from the United States if the United States were to follow through with its threat to apply tariffs on imported steel and aluminum. The Commission identified three categories of products worth approximately $3.46 billion that will be targeted. Consumer products, the most valuable category that is worth approximately $1.23 billion, include shirts, jeans, footwear, cosmetics, motorcycles and recreational boats while the second most valuable category of food and drink includes bourbon whiskey, corn and orange juice.
Citigroup plans to launch a national digital bank by 2021. The fourth largest U.S. bank by assets currently has branches for individual customers in only six cities. As a digital bank, the company will open and service accounts through mobile phones, computers other digital devices.
Amazon announced that its free, two-hour delivery service for Whole Foods orders over $35.00 has been expanded to Prime members in Atlanta and San Francisco. The company began testing the Whole Foods delivery service for Prime customers last month in Austin, Cincinnati, Dallas and Virginia Beach. One hour delivery is available for a fee of $7.99.
In the broad market, advancing issues outpaced decliners by a margin of more than 2 to 1 on the NYSE and by nearly 2 to 1 on Nasdaq. The broader S&P 500 gained 7 points to 2,728. Bitcoin crashed $896 to $10,659.
