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Key Takeaways
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U.S. equities took off at midday as it appeared Democrats in the Senate would join Republicans in approving a spending plan that would prevent a government shutdown.
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Ulta Beauty saw strong demand for its cosmetics during the holiday season.
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T-Mobile was downgraded by Citi, sending shares lower.
U.S. equities jumped at midday on indications the Senate would agree to a federal spending plan that would prevent a government shutdown tonight. The Nasdaq gained more than 2%, the S&P 500 was up nearly 2%, and the Dow Jones Industrial Average rose about 1.5%.
Ulta Beauty (ULTA) shares took off when the beauty products retailer beat earnings and revenue estimates on high demand for its cosmetics during the holiday shopping season.
Shares of Crown Castle (CCI) jumped after the provider of towers and other communication infrastructure agreed to sell its fiber optics unit to the EQT Active Core Infrastructure fund and Zayo Group Holdings for a total of $8.5 billion.
Rubrik (RBRK) shares added a quarter of their value as the cybersecurity firm posted better-than-expected profit, sales, and guidance on a big increase in subscription revenue.
Shares of Docusign (DOCU) soared after the electronic signature service's results exceeded estimates as it got a boost from sales for its new artificial intelligence (AI) platform.
T-Mobile US (TMUS) shares slipped on a downgrade from Citi, which said the wireless carrier doesn't appear to have any drivers that would push the stock price higher.
U.S.-listed shares of Li Auto (LI) slid when the China-based electric vehicle (EV) maker gave weak sales guidance, raising concerns about EV demand in the Chinese market.
Oil futures climbed. Gold prices set another record high. The yield on the 10-year Treasury note was up. The U.S. dollar advanced on the pound and yen, but lost ground to the euro. Most major cryptocurrencies traded in the green.
CORRECTION—This article has been updated to reflect that EQT Active Core Infrastructure fund is unaffiliated with EQT Corp.
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