The markets extended its gains during the midday with the Dow soaring 201 points to 24,774. Nasdaq surged 118 points to 7274.
The U.S. Supreme Court has dismissed a suit between Microsoft and the Department of Justice. The technology company had challenged a domestic search warrant that sought information that was stored on a server outside of the United States. The suit became moot after the Cloud Act was signed into law last month.
China has imposed a steep 178.6% tariff on sorghum from the United States saying that the product was unfairly subsidized. Sorghum is a cereal grain that is used as feed for livestock and as a sweetener. China imported approximately $960 million worth of sorghum from the U.S. last year and is the world's largest buyer of U.S. sorghum products.
The European Union has proposed a law that will allow law enforcement officials to access data from technology companies that is stored on servers inside and outside of the EU bloc. A judge will have to approve the request for electronic evidence in criminal investigations. Companies must comply with the request within 10 days or, in urgent cases, six hours.
In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 3 on the NYSE and by more than 2 to 1 on Nasdaq. The broader S&P 500 climbed 26 points to 2,704. Bitcoin climbed $91 to $8,098.
