Midday Report: Macy's Becomes Takeover Target; Big Banks Rally

The Dow Jones Industrial Average recovered to a level above 20,000 as a potential repeal of the Dodd-Frank banking regulations gave the financial sector a big boost. The White House is reportedly mulling rolling back the Dodd-Frank financial reforms, which were put in place after the global financial crisis of 2008.

Macy's (M) - Get Report surged on reports that Hudson's Bay had approached the retailer about a potential takeover. Reports a day earlier suggested Macy's was open to a number of strategic options after pressure from activist shareholder Starboard Value. 

Chipotle (CMG) - Get Report stock fell after the company reported earnings for its final quarter in a tough year. The burrito chain has had a tough time recovering from the E. coli outbreak across 14 states in late 2015. Same-store sales fell nearly 5% over the fourth quarter.

Factory orders rebounded in December after a sharp decline in November. Orders rose by 1.3%, above estimated growth of 0.9%.