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ZTE banned from using American components

The markets continued advancing during the midday with the Dow rocketing 255 points to 24,615. Nasdaq climbed 57 points to 7164.


The Commerce Department has issued a ban on American exports to Chinese telecommunications equipment maker ZTE for violating sanctions. ZTE paid a fine of $800 million last year for illegally shipping U.S. goods and technology to Iran. American companies such as Acacia Communications, Dolby, Finisar, Lumentum Holdings, Oclaro and Qualcomm will not be allowed to sell components to ZTE for seven years.


Amazon has halted plans to sell drugs to hospitals and has instead pivoted to selling medical supplies. One challenge that faced the retailing giant included was creating a delivery system that could transport temperature sensitive medications in a timely and cost effective manner. Amazon may explore selling prescription drugs directly to consumers.


People continued to protest at a Starbucks in Philadelphia where two African American men were arrested last week while they were waiting to meet with a third man. The Starbucks manager had called police to remove the two men for trespassing. Starbucks chief executive Kevin Johnson will meet with the two men and has apologized for the incident, saying that store managers and employees will be trained for implicit bias.


In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by more than 2 to 1 on Nasdaq. The broader S&P 500 soared 24 points to 2,680. Bitcoin plunged $275 to $8,036.


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