Happy Columbus Day to the U.S., where the bond markets are closed, creating a fairly quiet day in the equity markets as well. It’s a federal holiday, meaning many government offices will be closed and services like U.S. Postal Service mail delivery will not happen. Some banks are closed, while others are remaining open.
There is no economic news today, but a big computer deal happened with storage company EMC getting acquired by Dell Computers for $67 billion, the largest tech deal ever. The S&P 500 is flat at 2,014, the Dow Jones Industrial Average is up 4 points to 17,088 and the Nasdaq is up 4 points to 4,835.
Asian markets looked to end Monday on a high note, with the Chinese Shanghai Composite closing up 3.3 percent on reports that efforts would be made to restrict high-frequency trading and expand bank lending.
European markets were mixed on limited economic data. The U.K. FTSE and the French CAC were both down slightly, while the German DAX was moving higher.
Under Armour ran away with the sportswear contract for the University of Wisconsin. Adidas previously held the contract, but the university received $10 million to go with Under Armour and will also receive guaranteed license sales royalties of $4.5 million. The deal was bigger than the $2.2 million that the University of Minnesota received from Nike, but far less than some bigger schools like the University of Michigan’s $122 million deal with Nike.
While some retailers are closing stores, Ross discount stores said it was opening 26 new locations. The stores were opened during September and October and complete the company’s 2015 expansion plans. Most of the stores were opened in the Midwest. The stock has also enjoyed some expansion as it has jumped 27 percent for the past year to trade lately at $49.04.
