Indexes rally to more records behind tech
Technology companies led stocks to broad gains on Wall Street Monday, driving the S&P 500 and Nasdaq composite indexes to more record highs. Financial, communications services and industrial stocks also notched solid gains. Health care stocks were the only decliners. Bond prices fell, sending yields higher, and the price of gold fell, signs that investors were favoring higher-risk holdings. The rally, which added to the market's gains from last week, came as investors looked ahead to the signing of an initial trade deal with China and the potential for future talks. The S&P 500 index rose 22.78 points, or 0.7%, to 3,288.13. The Nasdaq composite, which is heavily weighted with technology stocks, climbed 95.07 points, or 1%, to 9,273.93. The S&P and Nasdaq previously set new highs last Thursday. The Dow Jones industrial average gained 83.28 points, or 0.3%, to 28,907.05. The Russell 2000 index of smaller company stocks picked up 11.96 points, or 0.7%, to 1,669.61. Benchmark crude oil fell 96 cents to settle at $58.08 a barrel.
Trump will make speech to U.S. farmers
President Donald Trump will highlight his policies on trade and domestic energy in a speech to U.S. farmers next week, the White House announced Monday. Trump is scheduled to address the American Farm Bureau Federation's convention on Jan. 19 in Austin, Texas. It will be his third appearance at the annual gathering. In last year's address, Trump urged farmers to continue supporting him even as they grappled with the fallout from his trade war with China and a partial shutdown of the federal government. But by the time Trump speaks Sunday, he is expected to have signed the first phase of a trade deal with China. Under the deal, which Trump is scheduled to sign Wednesday at the White House, China has agreed to boost its U.S. goods imports by $200 billion over two years, including larger purchases of soybeans and other farm goods expected to reach $40 billion a year, the U.S. has said. Trump is also expected to discuss an updated North American trade agreement that the administration says will be a boon to U.S. farmers. Trump will also speak to the farmers about his domestic energy policies, the White House said.
Uber shareholder lawsuit won't be revived
Delaware's Supreme Court has upheld a judge's dismissal of a shareholder lawsuit against ride-hailing company Uber and its former CEO. The court on Monday affirmed the judge's April ruling that the suit must be dismissed because the shareholder had failed to demand that Uber's board of directors take action itself before he filed his complaint. The lawsuit challenged the Uber board's approval in 2016 of former CEO Travis Kalanick's plan to pay $680 million for a startup company created by former Google engineer Anthony Levandowski to develop self-driving cars. Levandowski was indicted in August by a federal grand jury in California on charges of stealing self-driving car technology from Google spinoff Waymo before joining forces with Uber. His lawyers have maintained his innocence. In the midst of a trial last year in a lawsuit filed by Waymo, Uber agreed to settle the case for $245 million.
GM employees nabbed racing Corvettes
Two General Motors employees driving new 2020 Corvette Stingrays apparently had a need for speed. The pair were clocked going about 100 mph on a public road in Bowling Green, Ky., news outlets reported citing Kentucky State Police. The speed limit was 45 mph. Alexander Thim, 27, of West Bloomfield, Mich., and Mark Derkatz, 30, of Windsor, Ontario, were pulled over Wednesday night. Police said Thim reached speeds up to 120 mph, news outlets reported. A third driver was also behind the wheel of a Corvette but police said that person didn't participate in the race. GM has an assembly plant in Bowling Green. The company said in a statement that it is aware of the incident involving its "test vehicles" and is investigating. Thim and Derkatz were charged with racing a motor vehicle on a public highway, reckless driving and speeding. Both were booked in jail and then released on a $1,000 bond. They are scheduled for a court hearing in February.