Stocks opened in positive territory on optimism surrounding the trade talks between the U.S. and China, which were extended for an extra day. The averages dipped a short time after the open but then reversed and tacked on gains as investors awaited the release of the minutes from last month's FOMC meeting. The minutes showed the Fed was united in its view to be more data driven when it comes to rate policy going forward. They also signaled committee members were less certain about future rate increases. The averages stuttered but then gained ground, with the Nasdaq tacking on nearly 1% to its most recent rally.
ECONOMIC EVENTS: In the U.S., minutes from the joint meeting of the FOMC and the Federal Reserve board of governors in December show that committee members see a "relatively limited amount" of added tightening as likely appropriate, adding that they expect the "timing and size" of future rate adjustments to be based on incoming data.
COMPANY NEWS: Skyworks Solutions (SWKS) reduced its December quarter guidance due to "unit weakness across their largest smartphone customer," though the stock rose about 4% as the downward revision may have been expected, and not as bad as feared, following the recent pre-announcements from Apple (AAPL) and Samsung (SSNLF).
Meanwhile, the Nikkei reported that Apple is cutting its current iPhone production plan by about 10% for the next three months, citing sources with knowledge of the request.
Amazon (AMZN) CEO Jeff Bezos said via Twitter that he and his wife of 25 years, MacKenzie Bezos, plan to divorce. Amazon said afterward in a statement to Bloomberg that Bezos "remains focused on and engaged in all aspects of the company."
Constellation Brands (STZ) shares fell 12.5% following the beer and wine maker's Q3 earnings beat and FY19 guidance lowering.
CNBC reported that JPMorgan Chase (JPM) CEO Jamie Dimon hosted a private dinner for pharmaceutical executives, including from companies such as Eli Lilly (LLY), Pfizer (PFE), and Johnson & Johnson (JNJ), during which Dimon argued for lower drug prices and fielded questions regarding Amazon's healthcare goals.
Additionally, Reuters reported that Volkswagen (VLKAY) and Ford (F) plan to unveil an expanded partnership that goes beyond cooperating in commercial vehicles during the Detroit auto show.
MAJOR MOVERS: Among the noteworthy gainers was Chesapeake (CHK), which rose 12% after announcing preliminary Q4 production and its intention to lower its rig count. Also higher was Lennar (LEN), which gained 8% after reporting quarterly results.
Among the notable losers was AMD (AMD), which fell 3% after the company made a litany of product announcements at CES and reaffirmed its 2018 sales outlook. Also lower was Smart Global (SGH), which dropped 25% after reporting quarterly results and worse than expected guidance.
INDEXES: The Dow rose 91.67, or 0.39%, to 23,879.12, the Nasdaq gained 60.08, or 0.87%, to 6,957.08
, and the S&P 500 advanced 10.55, or 0.41%, to 2,584.96.