US markets rallied; MoneyGram soared on takeover news; Marriott International rose 5.76% on Q4 results
- The Nasdaq rose 2.5% to close Tuesday’s session at 13,791 points.
- MoneyGram soared almost 20% on takeover news in a deal worth US$1.8bn.
- Marriott International jumped 5.76% on better-than-expected Q4 results.
The US markets rebounded on Tuesday as investors’ fears of escalating tensions between Russia and Ukraine eased following news that some Russian military units will start returning to their permanent bases following drills near the Ukrainian border.
The Dow Jones rose 1.2% to finish the trading day up 423 points to close at 34,989 points.
The tech heavy NASDAQ rose 2.5% to finish the trading day up 349 points to close at 14,140 points with Tesla and Netflix gaining 5.33% and 2.75% respectively.
One bitcoin is worth US$43,993 going into the Asian trading day.
The Australian dollar is firm against the major currencies and is buying 71.51 US cents.
US-based cross-border P2P payments and money transfer platform, MoneyGram, soared almost 20% on Tuesday following news that private equity firm Madison Dearborn Partners will acquire it for US$1.8bn. Madison Dearborn Partners seek to repair the debt-heavy MoneyGram company as it faces rising competition in the money transfer and payments platform market.
Shares in global hotel chain Marriott International jumped 5.76% on Tuesday after the company posted better-than-expected fourth-quarter results. For the period, Marriott International reported an adjusted EPS of US$1.30/share on revenue of US$4.45bn, driven by a continued recovery in global travel.
And US-based restaurant chain White Castle has partnered with Miso Robotics to launch a pilot ‘Flippy 2’ program to launch robotic burger-flippers into the kitchen of restaurants to help with the ongoing labour shortage crisis in the US.
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