FIT - Stock Markets Ease Lower; Fitbit Tortoise Speed Toward Completing Deals
The stock market took a pause on Tuesday, moving just slightly lower after Monday's huge gains. Investors are bracing for Tuesday night's debate between President Donald Trump and former Vice President Joe Biden, with the potential for market volatility that could result from political events as the campaign approaches its final month. Just after 11 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was down 172 points to 27,412. The S&P 500 (SNPINDEX: ^GSPC) lost 14 points to 3,337, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) gave up 17 points to 11,101.
Dealmaking has been an important aspect of the stock market's recovery since March. Not every announced deal gets completed, but fitness-device specialist Fitbit (NYSE: FIT) got some good news in its efforts to join forces with Alphabet 's (NASDAQ: GOOG) (NASDAQ: GOOGL) Google that spurred shareholder interest. Meanwhile, Tortoise Acquisition (NYSE: SHLL) continued to gain ground on news that it cleared a key milestone in its own efforts to fulfill its purpose and merge with a privately held company.
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Stock Markets Ease Lower; Fitbit, Tortoise Speed Toward Completing Deals