The markets retreated from early morning highs during the midday with the Dow rising 25 points to 19,195. Nasdaq climbed 46 points 5,301.
The mechanics union for United Continental Holdings has approved a new six year joint collective bargaining agreement after more than three years of negotiating. The labor agreement includes pay raises as well as guarantees that compensation would be readjusted if a competitor's mechanics received higher wages and benefits.
Amazon opened its Amazon Go brick-and-mortar grocery store in Seattle, Washington. The next generation store has no checkout counters and uses sensors to detect items that have been removed from shelves. Customers will be charged for their purchases through their Amazon account. The store is now open only to Amazon employees and is scheduled to be opened to the public in 2017.
Tyson Foods will invest $150 million in a new venture fund to develop innovative new food products and food production methods. Tyson New Ventures will focus on alternative proteins and creative approaches to eliminating food waste. The fund has already announced plans to acquire a 5% stake in plant based meat substitute start up Beyond Meat.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 2 on the NYSE and by nearly 3 to 1 on Nasdaq. The broader S&P 500 index climbed 10 to 2,202. Bitcoin fell $9 to $751.
