Markets survived news that the Trump administration will be placing tariffs on steel and aluminum imports, ending the day in positive territory across the board.
The Dow Jones Industrial Average closed the day up 0.38%, or 94 points to 24,895, while the Nasdaq climbed 0.42%, or 31 points to 7,428, and the S&P 500 gained 0.45%, or 12 points to 2,739.
Two Wynn Resorts Board Members to Depart
Wynn Resorts (WYNN) announced that two members of its nine-seat board of directors will be departing as the company deals with the fallout from sexual assault allegations levied against former CEO Steve Wynn.
Former company director Ray Irani's resignation is effective immediately while director Alvin Shoemaker will not run for re-election after his current term expires next year, according to the company's securities filing.
Both Irani and Shoemaker are named as defendants in lawsuits brought by shareholders who say that board members are guilty of breaching their fiduciary duties by ignoring what their lawsuits say is a pattern of sexual abuse and harassment of employees by Steve Wynn.
The state of Oregon joined New York's public pension fund in filing a civil suit against the company alleging a massive breach of fiduciary duties that resulted in the loss of shareholder value.
Disneyland Workers Protest for Living Wage Outside of Shareholder Meeting
Disneyland Resort workers took to protesting outside of the Walt Disney Co.'s (DIS) shareholder meeting in Houston Thursday to demand a "living wage."
The protest was organized by a coalition of unions who want Disney executives to approve a raise in wages for the Anaheim resort's 30,000 workers.
The labor groups released an online survey last month that showed that 73% of employees questioned believe that they do not earn enough to pay for basic expenses like rent, food and gas.
Japan Follows Through on Crypto Regulation, Suspends Trading on Two Exchanges
Bitcoin prices were down more than 6% to 9,276 Thursday after Japanese officials suspended trading on two cryptocurrency exchanges in the country for a month because they lacked the proper protection for customer assets.
The Financial Services Agency also said that seven exchanges need improve their internal controls and that those exchanges need to submit plans to improve their operations by March 22.
Japanese officials were responding to the theft of $530 million in customer funds from the Coincheck exchange in January. Coincheck has said that it plans to compensate its customers but has not detailed how it will do so.
Trump to Ask for $100 Billion Reduction in Chinese Trade Deficit
Donald Trump's tweet Thursday morning that he is asking China to help reduce its trade deficit with the U.S. by $1 billion was 100 times less than what he actually wants done, sources told the Wall Street Journal.
Trump wants China to reduce the deficit by $100 billion.
China has been asked to develop a plan for the year of a One Billion Dollar reduction in their massive Trade Deficit with the United States. Our relationship with China has been a very good one, and we look forward to seeing what ideas they come back with. We must act soon!— Donald J. Trump (@realDonaldTrump) March 7, 2018
Trump has not been coy about his intention to reduce the U.S. trade deficit and has stated that he is willing to start a trade war to get it done.
Michigan Teen Sues Dick's Sporting Goods Over New Gun Rule
Tristin M. Fulton of Battle Creek, MI is suing Dick's Sporting Goods (DKS) over its new policy restricting the sale of firearms to persons 21 years and older. Formerly the sporting goods store allowed people 18 and up to purchase guns.
Fulton is the second teenager to sue the retailer this week after Tyler Watson of Oregon also filed a lawsuit against both Dick's and Walmart (WMT) saying that the companies' new gun restrictions violate his state's anti-discrimination laws.
Fulton is allowed to legally own firearms under state and federal laws and the teen's lawyer says that the store's poliy violates Michigan's Elliott-Larson Civil Rights Act of 1976.
JPMorgan's Daniel Pinto Sees Possible 40% Equity Market Correction on Horizon
Equity markets could be headed for a steep correction due to rising inflation and interest rates, JPMorgan (JPM) co-President Daniel Pinto told Bloomberg Thursday.
Pinto said hat a correction between 20% and 40% is possible within the next two to three years.
The benchmark S&P 500 has risen about 47% over the past 12 months.
Pinto described the markets as being nervous and warned that President Trump's threats of starting a trade war could result in a bad reaction from markets.
U.S. Jobless Claims Rise to Highest Level in 6 Weeks
U.S. initiatl jobless claims rose by 21,000 to 231,000 for the week ended March 3, according to the U.S. Department of Labor.
The four-week moving average was 225,000, an increase of 2,000 from the previous week's unrevised average of 220,500.
Kalanick Announces New Investment Fund on Twitter
Former Uber CEO Travis Kalanick has some news: he is starting a hedge fund named 10100 (pronounced ten-one hundred). 10100 will oversee both Kalanick's for-profit and non-profit business investments.
"The overarching theme will be about large-scale job creation, with investments in real estate, ecommerce, and emerging innovation in China and India," Kalanick said.
Some news… pic.twitter.com/urFBrb9aCV— travis kalanick (@travisk) March 7, 2018
Cigna to Pay $54 Billion for Express Scripts
Cigna will pay $48.75 in cash and 0.2434 shares of stock per Express Scripts share, representing a 31% premium over Express Scripts' previous closing price. The deal includes 15 billion in debt.
"First and foremost, we believe this transaction delivers attractive value to the Express Scripts shareholder," Tim Wentworth, president and CEO of Express Scripts, said in a statement. "Together, our two organizations will help make the healthiest choices the easiest choices, putting health and pharmacy services within reach of everyone we serve."
Express Scripts shares were up more than 17% premarket while Cigna shares fell 5%.
U.S. futures were rising ahead of the opening bell Thursday as markets look to bounce back from a mixed day of trading Wednesday.
Dow futures were rising 0.2%, indicating an open 51 points higher, while Nasdaq futures rose 0.57%, indicating an open 40 points higher, and S&P futures were up 0.33%, indicating an open 9 points higher.
World markets were also rising across the board. In Asia, the Hang Seng led the way, climbing 1.53% while the Shanghai Composite and Nikkei gained 0.51% and 0.54% respectively.
In Europe, the Dax was the lone major average to trade in the red, falling 0.15% with less than four hours left in trading.