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Caterpillar to close 2 facilities

The markets extended its gains during the midday with the Dow soaring 107 points to 24,981. Nasdaq added a point to 7482.


Caterpillar announced plans to close two facilities as part of its efforts to restructure the company to increase profitability. The closures will affect approximately 200 workers at a work tools facility in Waco, Texas and 80 people at a demonstration center in Panama. The heavy equipment maker may shutter an engine manufacturing plant in LaGrange, Illinois as well.


The Organization for Economic Cooperation and Development said that approximately 110 countries will collaborate on developing an international consensus on taxing digital businesses by 2020. Digital companies such as Amazon, Facebook and Google have been able to minimize their tax payments under current laws that were written for the industrial era. Many rules require that a company maintain a significant presence in country in order for the country to collect taxes from the company.


The European Union has produced an extensive10-page list of American products that may be targeted for retaliatory tariffs in response to steel and aluminum tariffs imposed by President Donald Trump. Industries that may be impacted by either the U.S. tariffs or the EU tariffs have been asked to comment on the proposals. Tariffs may be imposed immediately on the first group of potential targets while the second group may be subject to tariffs if the World Trade Organization declares the U.S. tariffs illegal.


In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by nearly 3 to 2 on Nasdaq. The broader S&P 500 added 3 points to 2,750. Bitcoin soared $223 to $8,518.


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