Markets Recover to Finish Higher
After falling briefly, the U.S. equity market recovered to end the higher. The Dow Jones ended the day 0.39% higher at 10,829.68, the S&P 500 ended the day 0.44% higher at 1,146.24 and the Nasdaq ended the day 0.09% higher at 2,370.75.
The world’s largest retailer, Wal-Mart Stores Inc. (NYSE: WMT), and the second biggest provider of Medicare benefits in the US, Humana Inc. (NYSE: HUM), today announced that they would team up to ‘offer cheapest prescription drug plan in the US. The two companies have teamed up with an intention of taking away sales of medication from their rivals. The companies are expected to market their plans to ‘Americans in Medicare, the US government health program for the elderly and disabled’ and are likely to price the policies around $14.80 a month. Humana Inc shares are down 0.24% to $50.12 and Wal-Mart shares are down 0.24% to $53.39 in the current trading session.
China Petroleum & Chemical Corp (ADR) (NYSE: SNP) today announced that it will invest $7.1 billion in a Brazilian unit of Spain’s Repsol YRF S.A (ADR) (NYSE: REP). As a part of the agreement, China Petroleum will hold will buy shares of the Brazilian Unit and will hold around 40% of it. The funds from the investment are expected to be used to develop offshore projects. Repsol ADRs traded higher throughout the day.
Hyundai Motors America today announced 48% increase in sales for the month September. The company sold a record 46,556 cars this month, taking up its total cumulative sale for the year to 410,047, up 20% when compared year on year basis.
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