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Google pays $2.4 billion for Chelsea Market

The markets recovered to trade higher during the midday with the Dow climbing 122 points to 24,849. Nasdaq gained 19 points to 7383.


Google paid $2.4 billion to buy the 1.2 million square foot Chelsea Market building in New York that is near the search engine's New York headquarters. Google employees had already been working in rented offices in the former Nabisco factory building. The expansion solidifies the Hudson River corridor as a hub of technology and innovation.


Bayer secured European Union approval of its proposed $66 billion acquisition of Monsanto by agreeing to sell seeds, pesticides and digital agriculture technology to BASF. Going forward, Bayer and BASF must provide additional evidence that two companies offer enough choice to farmers at competitive prices. U.S. and Russian regulators must still approve the proposed merger.


The European Commission has created a plan to tax large digital companies with significant revenues in Europe. Companies with more than $920 million in global revenue and over $61 million in EU revenue would have to pay a 3% tax. Many leaders of EU countries oppose the measure that could potentially raise $6.1 billion in annual revenue.


In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on both the NYSE and on Nasdaq. The broader S&P 500 rose 9 points to 2,726. Bitcoin tumbled $117 to $8,872.


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