All three major U.S. stock indices rose modestly on Tuesday as Wall Street took a cautiously optimistic view of the slowly advancing stimulus talks on Capitol Hill.
Time is running out for any relief package to be passed and signed into law before Election Day on Nov. 3. The pandemic itself, meanwhile, continues to cause worries globally, with cases starting to spike again in the U.S. and in Europe. Confirmed cases hit more than 40 million globally on Tuesday.
The Dow Jones Industrial Average rose 113 points, or 0.4%, to finish at 28,308.
DOJ officially files an antitrust suit against Google. A long-anticipated antitrust lawsuit against Alphabet’s (ticker: GOOG, GOOGL) search engine giant Google was filed by the U.S. Department of Justice. The suit alleges illegal anti-competitive measures taken by Google to retain its grip on search engine market share and the lucrative digital advertising revenue that comes with it.
Apple ( AAPL) also plays a prominent role in the suit. The two tech giants have long been partners in a mutually beneficial arrangement in which Google is set as the default search engine on iPhone devices and, in return, Google pays Apple billions of dollars annually for the privilege.
The market collectively yawned at the news, with GOOG stock advancing about 1.4% on the day and AAPL stock up 1.3%.
GM upping investments in EVs. General Motors ( GM) is not content to remain the same while the global auto industry morphs around it. In a step toward its commitment to invest $20 billion in electric vehicles (EVs) by 2025, GM will be putting $2 billion into converting a Tennessee factory into the company’s third EV plant.
The upcoming electric Cadillac Lyriq SUV will be made at the plant starting in 2022. Investors applauded the capital commitment to the growing electric vehicle market, and GM stock rose 6.7% to finish as the top performer in the S&P 500.
IBM’s long decline continues. IBM ( IBM), one of the earliest leaders in computing, has been in secular decline for years now. Even in 2020, a year in which the tech sector has dominated markets, IBM shares have struggled to keep up with the benchmark indices.
IBM stock plunged 6.5% on Tuesday as investors were reminded of its shortcomings following its most recent earnings report. Revenue fell for a third straight quarter and the company declined to provide an outlook for the fiscal fourth quarter, giving shareholders little to get excited about.
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