U.S. stocks were off to a strong start to start the day and the Dow Jones Industrial Average was able to hit another record closing high, but the rest of the market closed lower as tech pressured the S&P 500 and the Nasdaq.
In the tech space, investors were watching the latest development in Broadcom Ltd.'s (AVGO) - Get Broadcom Inc. Report pursuit of chipmaker Qualcomm Inc. (QCOM) - Get QUALCOMM Incorporated Report . The semiconductor company nominated 11 directors for election at Qualcomm's annual shareholder meeting as part of its effort to help close the deal. Qualcomm had rejected Broadcom's $70 a share offer but this boardroom battle could lead to a higher bid for the chipmaker.
The other big deal news that dominated the day was CVS Health Corp.'s (CVS) - Get CVS Health Corporation Report purchase of health insurer Aetna (AET) for $69 billion ($77 billion including debt). While investors were assessing this news, and whether there could be regulatory concerns, they also turned their attention to e-commerce giant Amazon.com Inc. (AMZN) - Get Amazon.com, Inc. Report to see what move the company could make to further disrupt the healthcare industry.
Silicon Valley is casting an eye over regulators in China. TheStreet examined how Action Alerts PLUS holdings Apple Inc. (AAPL) - Get Apple Inc. (AAPL) Report and Google, whose parent company is Alphabet Inc. (GOOGL) - Get Alphabet Inc. Class A Report , are jockeying for position in China.
Speaking of overseas markets, Venezuela is launching an oil-backed cryptocurrency. The "petro" comes amid a craze for cryptocurrency. But this sovereign cryptocurrency could bypass U.S.-led financial sanctions.
And if you're trying to figure out how to handle this cryptocurrency craze and epic asset bubbles, Real Money's James "Rev Shark" DePorre explains why investors should let price action and risk control guide their actions.
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Photo of the day: Humble beginnings for CVS
In 1963, when CVS, which stands for Consumer Value Stores, first opened in Lowell, Mass. consumers would go there to buy their health and beauty products. Four years later, CVS introduced stores with a pharmacy department. Now, some 50 years later, CVS is moving into the health insurance industry with its $77 billion purchase of Aetna Inc.
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