Closing BellHere's what happened on Wall Street, Thursday, Nov. 3.
All three major averages closed higher on Friday.
The Dow Jones Industrial Average closed up 0.10%, the S&P rose 0.31% and the Nasdaq jumped 0.74%.
CVS, Aetna Aim to Finalize Deal as Early as DecemberCVS Health Corp. ( CVS) and health insurer Aetna ( AET) are working to finalize the terms of a merger and to announce a $70 billion deal as early as December, Reuters reports.
The agreement would combine CVS and Aetna whose consolidated businesses would range from employer healthcare to government plans nationwide.
A deal will reportedly value Aetna at significantly more than $200 per share, the report added.
Broadcom Explores Acquisition of QualcommShares of Qualcomm ( QCOM) were soaring over 9.8% in afternoon trading on Thursday after Bloomberg reported that chipmaker Broadcom ( AVGO) was exploring a deal to purchase the company.
Shares of Broadcom were climbing over 3% following the report.
BlackBerry, Jaguar Land Rover Discuss Software PartnershipBlackBerry ( BBRY) and Tata Motors' ( TTM) Jaguar Land Rover are in advanced discussions that would see BlackBerry provide the automaker with software capabilities to build the next-generation autonomous and electric vehicles, the Wall Street Journal is reporting.
An official contract between the two has not been signed, and there is no guarantee there will be a deal.
BMW Issues Recall of 1.4 Million North American VehiclesBMW ( BMWYY) on Friday issued the recall of 1.4 million North American SUVs and cars over potential risks that the vehicles may catch fire.
The recall, filed with the National Highway Traffic Safety Administration, covers versions of the 3-series, 5-series, X5, X3 and Z3. BMW received four incident reports related to this issue, with three reports of injuries.
Dealers will replace the necessary parts beginning Dec. 18.
Exxon Goes GreenExxon Mobil ( XOM) will pour over $1 billion per year into alternative forms of energy rooted in algae and engineered to develop into biofuels and cells that turn emissions into electricity, Bloomberg is reporting.
The funds from Exxon will allow for over one hundred research projects to be completed in five to 10 areas, according to the Vice President of Research and Development, Vijay Swarup.
"These areas are massively challenging, and if we can solve those, they will have huge impacts on our business," said Swarup in a phone interview. "We bring more than money. We bring the science, the commitment to research."
Equifax Special Committee Clears Execs on Stock SalesThe board of directors of Equifax Inc ( EFX) , the credit-reporting agency whose systems were hacked, compromising the information of over 140 million people, said today that a special committee had cleared its executives of suspicious activity.
The Committee had been investigating the sale of Equifax securities by certain executives before the disclosure of the hack, which sent Equifax's stock plummeting.
The Committee concluded that "none of the four executives had knowledge of the incident when their trades were made, that preclearance for the four trades was appropriately obtained, that each of the four trades at issue comported with Company policy and that none of the four executives engaged in insider trading."
October Jobs ReportThe U.S. economy added 261,000 jobs in October, according to the Labor Department, a sharp increase from September's figures. But October's headline number was weaker than expected. Economists anticipated 308,000 jobs to have been added to the U.S. economy in October, according to FactSet.
The unemployment rate dropped to 4.1%, its lowest level since December 2000, following a reading of 4.2% in September. Economists expected that the unemployment rate would hold steady. Hourly pay rose 2.4% year over year, weaker than an expected increase of 2.7%.
PremarketU.S. stock futures contracts were rising ahead of the opening bell Friday, pointing to a higher opening for the three major indices in trading.
The dollar, however, was flat but improving (DXY: +0.1% at $94.78) following the GOP tax plan, which thoroughly underwhelmed, and 10s fell 3 bps to 2.35%.
Asia held at a 10-year high, with the MSCI Asia ex-Japan higher 0.01%, and the Nikkei was closed for a national holiday. In Shanghai, the Shanghai Composite fell 0.34% on Friday.
Across the Atlantic, Europe was strong, with the DAX hitting an all-time high again today before pulling back and the FTSE having its best two-day run in three months. However, the CAC 40 in France was slumping 0.06%.