Dow jumps more than 330 points as 2020 books best start to a calendar year in seven years

U.S. stocks stormed higher Thursday to kick off the first trading session in 2020, with all three of the benchmark indexes finishing at records to commence the new year. The Dow Jones Industrial Average DJIA, +1.16% soared more than 330 points, or 1.2%, to end at around 28,869, the S&P 500 index SPX, +0.84% closed up 0.8% at 3,258, while the Nasdaq Composite Index COMP, +1.33% jumped 1.3% to 9,092 (all closing levels are on a preliminary basis). The Dow’s gain marked its sharpest rally in the first trading session of a new year since 2013. Gains for the U.S. stock benchmarks on Tuesday were seen as a continuation of a bullish outlook for equities from 2019 and came as China’s central bank announced that it would reduce the portion of deposits its commercial banks are required to set aside as reserves.

Mike Bloomberg fails to file for Nevada caucuses

LAS VEGAS (AP) — Nevada Democrats will not be able to caucus for Michael Bloomberg next month.

The former New York City mayor and Democratic presidential candidate failed to file with the Nevada State Democratic Party by a Jan. 1 deadline, the party announced Thursday morning.

Bloomberg is intending to bypass the four early voting states, including Nevada, which will be third to express a preference on the Democratic presidential field. Instead, he has his hopes hinged on other states, including California, where a large number of delegates are up for grabs.

Bloomberg’s failure to file with Nevada Democrats means his name won’t appear on preference cards during the Feb. 22 caucus and four days of early caucusing. Caucus attendees stand in groups to express their top candidate choices and also fill out preference cards to provide a record of their choice. There’s no write-in option available.

While Bloomberg’s name won’t appear, 13 other Democrats, including all the top contenders, did make the list.

Oil Starts New Year On Positive Note, Settles Modestly Higher

Crude oil prices rose on Thursday amid optimism about a U.S.-China trade deal and on hopes of increased demand for the commodity.

Possible disruptions in crude oil supply due to the ongoing Political unrest in the Middle East contributed as well to oil’s uptick.

West Texas Intermediate crude oil futures for February ended up $0.12, or about 0.2%, at $61.18 a barrel, coming off a low of $60.64 a barrel.

On Tuesday, WTI crude oil futures for February ended down $0.62, or about 1%, at $61.06 a barrel.

According to a report released by the American Petroleum Institute on Tuesday evening, U.S. crude stockpiles fell 7.8 million barrels in the week ended December 27, nearly 2.5 times the expected drop.

The official crude inventory data from Energy Information Administration will be out on Friday morning.

U.S. President Donald Trump said earlier this week that an initial trade deal with China would be signed on Jan. 15 at the White House, and that he would later travel to Beijing to begin negotiations on the next phase.

News of monetary policy easing by China also helped improve demand outlook for the commodity. The People’s Bank of China announced a cut in banks’ reserve requirement ratio by 50 basis points on Jan. 6, a move that frees up more money for banks to lend to small businesses.

Dow jumps 250 points on gains for shares of Walt Disney, Apple Inc.

The Dow Jones Industrial Average is climbing Thursday afternoon with shares of Walt Disney and Apple Inc. delivering strong returns for the blue-chip average. The Dow DJIA, +1.16% is trading 257 points (0.9%) higher, as shares of Walt Disney DIS, +2.47% and Apple Inc. AAPL, +2.28% are contributing to the index’s intraday rally. Walt Disney’s shares are up $3.45, or 2.4%, while those of Apple Inc. have risen $5.88, or 2.0%, combining for a roughly 63-point boost for the Dow. Goldman Sachs GS, +1.91%, Boeing BA, +2.32%, and United Technologies UTX, +2.26% are also contributing significantly to the gain. A $1 move in any of the Dow’s 30 components results in a 6.78-point swing.

Editor’s Note: This story was auto-generated by Automated Insights using data from Dow Jones and FactSet. See our market data terms of use.

Apple signs former HBO chief to 5-year production deal

Apple Inc. AAPL, +2.28% has signed former HBO Chief Executive Richard Plepler to an exclusive five-year production deal, the New York Times first reported Thursday, a major move to bolster its fledgling streaming service. Plepler quit HBO last February, about eight months after new owner AT&T Co. T, -0.56% took over. According to the Times report, Plepler’s new company, Eden Productions, will produce original series, movies and documentaries exclusively for Apple TV+. Plepler spent 27 years at HBO, helping to build the premium-cable channel to a dominant position in Hollywood, winning more than 160 Emmy Awards in the years he was in charge. At HBO, Plepler was known for hiring top-quality talent and favoring quality over quantity, traits that Apple is likely to follow as it builds its content library from the ground up.

Illumina, Pacific Biosciences drop $1.2 billion merger agreement

Illumina Inc. ILMN, -1.43% and Pacific Biosciences of California Inc. PACB, +0.39% on Thursday said they have agreed to drop plans to merge. Under the merger agreement, announced Nov. 1, Illumina would have paid $1.2 billion in cash for Pacific Biosciences. The news sent Pacific Biosciences shares down 3% in after-hours trading. The lengthy regulatory approval process required for the transaction "has already been subject to and continued uncertainty of the ultimate outcome," the companies said in a joint news release. As part of the merger agreement, Illumina will pay Pacific Biosciences a termination fee of $98 million. The announcement was made after markets closed.