Stocks Extend Rally to 7 Weeks as Mega Deals Boost Select Shares, Though Unions See Victories
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US stocks edged higher Monday, extending the 7-week rally, even as Fed officials tried to temper expectations for rate cuts. The Dow barely notched a record close while the S&P 500 gained 0.5% and Nasdaq rose 0.6%.
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Shares of US Steel shot up 26% after Japan’s Nippon Steel announced plans to acquire the company for $14.9 billion in a deal representing a 40% premium.
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Airbnb said its apartment rental program, allowing renters to sublet units, has earned hosts $7 million in its first year across 900+ listings. The company expects continued growth.
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Amazon is reportedly in talks to invest in bankrupt Diamond Sports Group in a deal that could make Prime Video the official streaming home for Diamond’s MLB, NBA and NHL games.
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Labor unions saw significant victories this year with around 400 strikes involving hundreds of thousands of workers. But the US still has historically low unionization, meaning change will likely be gradual.