Walmart to increase hourly wage

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The markets extended its gains during the midday with the Dow leaping 145 points to 25,514. Nasdaq climbed 43 points to 7197.


Walmart will increase its entry level hourly wage from $10 per hour to $11 per hour for workers in the U.S. beginning in February. The world's largest retailer credited the new tax law which slashes the corporate tax rate from 35% to 21% for making the raises possible. Bonuses of up to $1,000 will also be given to workers.


MoneyGram has partnered with Ripple to pilot a program that transfers funds using the cryptocurrency. The arrangement is expected to lower the cost of transferring money. The transaction time will also plunge to 2-3 second from the current time of between 15 minutes to an hour.


Tivo sued Comcast again for patent infringement. The International Trade Commission ruled in favor of Tivo last year by ruling that Comcast infringed on two patents. The current suit alleges infringement on patents dealing with video recording functions such as pausing and resuming shows on different devices.


In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 1 on both the NYSE and on Nasdaq. The broader S&P 500 gained 14 points to 2,762. Bitcoin collapsed $644 to $13,834.


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