The markets extended its gains during the midday with the Dow leaping 380 points to 25,275. Nasdaq jumped 105 points to 7532.

Former President Barack Obama is reportedly engaged in discussions to produce content for Netflix. The exclusive content has the potential to reach 118 million global subscribers of the streaming service. Details of the deal have not been finalized but both Obama and former first lady Michelle Obama will be involved.

Goldman Sachs chief executive Lloyd Blankfein may retire at the end of the year. He has held the position for nearly twelve years and guided the investment bank through the financial crisis. Co-chief operating officers Harvey Schwartz and David Solomon are in the running to take over the top post.

Toys R Us may liquidate all of its stores in the U.S. The toy retailer filed for Chapter 11 bankruptcy protection in September 2017 and was working to streamline its operations. However, a disappointing holiday quarter has prompted conversations about viability of its business model.

In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 2 on the NYSE and by more than 5 to 2 Nasdaq. The broader S&P 500 surged 38 points to 2,776. Bitcoin plummeted $377 to $8,892.