US stocks rallied big on Tuesday, even shrugging off North Korea’s latest missile test during the trading session.
Here’s the scoreboard:
- Dow: 23,836.71, +255.93, (1.09%)
- S&P 500: 2,627.04, +25.62, (0.98%)
- Nasdaq: 6,912.36, +33.84, (0.49%)
Roark Capital Group, the owner of Arby’s and Cinnabon, has agreed to buy Buffalo Wild Wings for about $US2.9 billion. The private-equity firm will pay $US157 a share in cash for Buffalo Wild Wings, which is 34% above the company’s closing stock price on November 13, the day before Roark’s initial bid of $US150 a share.
- Jerome Powell, the nominee to replace Janet Yellen as Federal Reserve Chair, said there are no more “too big to fail” banks during his confirmation hearing. This could come back to haunt him during his tenure if there’s a financial crisis. “I think the case for raising rates at our next meeting [in December] is coming together,” he also said.
- The Senate Budget Committee reported the Tax Cuts and Jobs Act to the full Senate on a party-line vote of 12 to 11. It was the last procedural hurdle that needed to be cleared before the bill can be debated by the whole chamber.
- Bitcoin cleared $US10,000 for the first time ever, according to data from Markets Insider. It’s up more than $US2,000 since Thursday’s low of $US7,979 per coin.
- Shares of Roku slumped as much as 2.5% on Tuesday afternoon following some downbeat commentary from short seller Andrew Left’s Citron Research. “Time to pop some real bubbles,” the firm’s Twitter account said. “$ROKU, total joke.”
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