The markets extended its gains during the midday with the Dow leaping 301 points to 24,234. Nasdaq surged 105 points to 7020.
Tesla will recall Model S sedans in China that were made before April 2016 to fix a potential problem with the power steering system. Bolts in the power steering component may corrode in very cold weather resulting in a loss of power steering assist. The bolts in nearly 8,900 vehicles will be replaced beginning June 28.
Uber will acquire electric bicycle service JUMP Bikes for an undisclosed amount. The dockless bike sharing company initially sold bicycles eight years ago but transformed its business model as on-demand bicycles became more popular. JUMP operates 250 battery-powered bikes in San Francisco and 200 bikes in Washington, D.C.
Apple will sell red models of its iPhone 8 and iPhone 8 Plus to support efforts to fight HIV and AIDS. A portion of the sales of the special edition phones will be donated to Global Fund HIV/AIDS to fund programs that test, counsel, treat and prevent the transmission of the virus. Pricing of the red iPhone 8 begins at $699 while the iPhone 8 Plus begins at $799 for the 64GB models.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by 2 to 1 on Nasdaq. The broader S&P 500 soared 34 points to 2,638. Bitcoin plunged $254 to $6,744.
