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Stocks rose in trading on Monday to mark the third straight day of gains.
All three major US stock indexes rose well into the green, but still have not quite made up all of the losses from Wednesday’s drop-off.
We’ve got all the headlines, but first, the scoreboard:
Dow: 20,894.83 +89.99, (+0.43%) S&P 500: 2,394.02, +12.29, (+0.52%) Nasdaq: 6,133.62, +49.92, (+0.82%) US 10-year yield: 2.254%, +0.009 WTI crude oil: $50.81, +0.48, +0.95%
Ford CEO Mark Fields is out. The move, which was confirmed by Ford after early reports, comes just three years after Fields took over the company as CEO. Fields’ replacement, James Hackett, is the chairman of the Ford unit that works on autonomous vehicles. The US and Saudi Arabia minted a $110 billion defense deal. The deal, signed Sunday, would provide the Saudis with various defense equipment including missile defense systems and cybersecurity capabilities. The Saudis also signed contracts with other US companies like Boeing and private equity giant Blackstone. Bitcoin soared. The cryptocurrency blew through $2,000, $2,1000, and $2,200 a coin in trading on Monday, setting a new all-time high. President Donald Trump is set to release his fiscal year 2018 budget. The budget is expected to feature heavy cuts to domestic spending in favor of build ups in defense and security. The budget proposal is likely to set up a major battle in Congress. The Trump administration is saving a key part of Obamacare – for now. The administration and Congress filed to delay an update on their case over Obamacare’s cost sharing reduction (CSR) payments. Health policy experts say that removing the payments would cause insurers to jack up premiums and exit the Obamacare insurance markets at a rapid pace.