STMP - Stock Market News: Morgan Stanley Scoops Up E*Trade; Stamps.com Mounts Massive Comeback
The stock market was pretty quiet on Thursday morning as investors seemed ready to take a pause in what's been an impressive rally so far in 2020. Some cited the Democratic presidential debates as a potential factor keeping markets in check, while ongoing concerns like the COVID-19 outbreak remained on the radar screen. As of 11 a.m. EST, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 11 points to 29,359. The S&P 500 (SNPINDEX: ^GSPC) rose 1 point to 3,387, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) was down a point at 9,817.
The brokerage industry has been rife with consolidation recently, and another big strategic move brought investors' attention to Morgan Stanley (NYSE: MS) and E*Trade Financial (NASDAQ: ETFC). Meanwhile, earnings season brought a pleasant surprise to shareholders in Stamps.com (NASDAQ: STMP), as the beleaguered shipping specialist got a long-awaited boost.
Shares of E*Trade Financial jumped 25% after Morgan Stanley announced it would acquire the discount broker. The acquisition will mark the latest combination between major players in the financial industry, reflecting the increased importance of wooing ordinary retail investors over institutional clients.