The markets rebounded to trade sharply higher during the midday with the Dow leaping 300 points to 24,230. Nasdaq jumped 111 points to 7199.
Nestle is reportedly working on a deal to buy the retail coffee bean business of Starbucks. Starbucks currently licenses its packaged coffee business to Acosta and had previously partnered with Kraft Foods to sell its products in supermarkets. Nestle is the world's largest packaged foods company and has recently bought Blue Bottle Coffee and Chameleon Cold-Brew.
Instagram launched a payment feature for certain users and select partners. Users can register credit or debit cards and establish a security pin so that online purchases can be made within Instagram. Users can also make reservations and book services with a select number of businesses.
Google and Lenovo introduced their wireless virtual reality headset Mirage Solo equipped with the WorldSense tracking system. The tracking cameras in the headset allow users to duck, lean, dodge and move around to provide a more realistic and immersive experience. The Mirage Solo is priced at $399.99 while Facebook's Oculus Go wireless virtual reality headset sports a $199 price tag.
In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 2 on the NYSE and by nearly 3 to 1on Nasdaq. The broader S&P 500 surged 30 points to 2,660. Bitcoin slipped $5 to $9,650.