The stock indices on Wall Street began the day with slight gains, as the Dow Jones of large companies rose 0.05 percent, the Nasdaq, which focuses on technology, increased by 0.11 percent and the broad S&P 500 saw a modest increase of 0.03 percent during the first half hour.
In other news, an oil company, Diamondback Energy, announced that it would acquire its competitor, Endeavor Energy Resources for $26 billion. This acquisition caused Diamondback’s share price to rise more than seven percent. As a result of this merger, Diamondback will become the largest operator in the traditional Texas oil production area of the Permian Basin. This move is part of an industry trend towards consolidation as companies seek to acquire drilling areas and cut costs. Similar acquisitions by other companies such as Exxon Mobil and Chevron Corporation have also been reported in recent months.
The earnings season continues on Wall Street with Coca-Cola set to announce its October-January results and last year’s financial statements tomorrow. Additionally, tomorrow will see the publication of the country’s inflation figures for January in the United States.