Stock Market News: McDonald's CEO Out; Berkshire Gains Ground
Major benchmarks kept moving higher on Monday morning, adding to investor enthusiasm that sent the S&P 500 (SNPINDEX: ^GSPC) to record closing levels last week. Market participants still seem to hope that long-standing issues like the U.S.-China trade talks will resolve themselves favorably. As of 11 a.m. EST, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 142 points to 27,490. The S&P 500 rose 14 points to 3,081, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) was higher by 42 points to 8,429.
One surprising move came from McDonald's (NYSE: MCD), which unexpectedly fired its CEO over the weekend amid controversy. Earnings season also continued to move forward, and Berkshire Hathaway (NYSE: BRK-A) (NYSE: BRK-B) weighed in with numbers that gave shareholders of the Warren Buffett-led company plenty of confidence for the future.
Shares of McDonald's dropped 2.5% following the fast-food giant's announcement that it had terminated its chief executive officer. In the company's words, outgoing CEO Steve Easterbrook "separated from the company following the board [of directors'] determination that he violated company policy and demonstrated poor judgment involving a recent consensual relationship with an employee."
Source Fool.com
