U.S. major indices closed trading Wednesday near session highs after spending most of the day in positive territory.
The Dow Jones Industrial Average rose 0.75%, or 182 points to 24,543, while the Nasdaq climbed 1%, or 73 points to 7,340, while the S&P 500 rose 0.97%, or 26 points to 2,698.
Facebook Users Won't Be Comfortable With Dating Feature, Match CEO Says
Facebook's (FB) foray into dating services won't hurt Tinder, Match and OKCupid because people won't be comfortable using the service, Match Group (MTCH) CEO Mandy Ginsberg said during her company's earnings call.
Match shares took a direct hit last week when Facebook announced that it would be launching a dating service, but Ginsberg doesn't see the competition being able to wrestle away users from its platform.
"I really don't think people are going to be comfortable mixing their dating lives with Facebook," Ginsberg said.
She also noted that Facebook has introduced some indirect features that could have hurt Match's growth but didn't, including its Poke Button, to Facebook's Graph search.
"None of these [features] had any discernible impact on our business," Ginsberg said.
Sears Jumps 20% Following Deal With Amazon
Amazon shoppers that purchase tires on the website can have the tires shipped to 47 Sears Auto Centers in eight cities, including Chicago, Dallas and New York, to have them installed. The company plans to roll the program out to all 400 of its auto centers nationwide in the coming weeks.
As part of the deal, Sears' Diehard brand of tires will be available on Amazon for the first time.
Sears shares have declined 70% over the past 12 months.
ZTE Halts Major Operating Activities Following U.S. Ban
Chinese handset-maker ZTE told investors that it has ceased major operating activities due to the U.S. Commerce Department's ban on the company purchasing components from U.S. companies for seven years.
The U.S. claims that ZTE violated terms of a 2017 settlement by neglecting to fire employees involved with the illegal shipment of U.S. equipment to Iran and North Korea, which the U.S. had placed sanctions on.
the company said that it is actively communicating with U.S. officials as it looks to reverse the ban.
Walmart Shares Drop 4% Following Flipkart Deal
Walmart (WMT) shares were down 4.1% Wednesday morning after the company announced that it completed the purchase of a 77% stake in Indian e-commerce company Flipkart.
"India is one of the most attractive retail markets in the world, given its size and growth rate, and our investment is an opportunity to partner with the company that is leading transformation of e-commerce in the market," said Doug McMillon, Walmart's president and chief executive officer, in the press release announcing the deal.
Flipkart will maintain its independence, though it will be considered part of Walmart's international business.
Walmart shares could use a jolt in the arm as the big box retailer has fallen more than 16% year to date.
All New Lennar Homes to Feature Amazon's Alexa
The new homes will come standard with built-in Wi-Fi, smart locks, doorbells, thermostats and lights that will all be controlled by Amazon's voice-activated digital assistant.
"This will be the hallmark of why we buy a new home," said David Kaiserman, president of Lennar Ventures. "It's an important step in the mass adoption of all these technologies."
Amazon and Lennar will open eight model homes across the country with the feature to get the word out.
U.S. Producer Price Index Rises Lower Than Expected
U.S. wholesale prices rose just 0.1% in April, falling short of economists consensus expectations of a 0.3% increase.
The Labor Department reported the smallest increase in the index since prices went unchanged month to month in December.
U.S. futures were climbing ahead of the opening bell Wednesday, indicating a strong open, especially for the Dow Jones Industrial Average.
Dow futures were rising 0.52%, indicating an open 126 points higher, while Nasdaq futures gained 0.36%, indicating an open 25 points higher, and S&P futures were up 0.46%, indicating an open 12 points higher.
Asian markets were mixed with the Hang Seng being the lone major index to rise, climbing 0.44% on the day. The Shanghai Composite and Nikkei fell 0.07% and 0.44% respectively.
European markets were also mixed. The DAX was flat, the CAC 40 was down 0.03% and the FTSE 100 was up 0.46% with about four hours left in trading.