The stock market is in an upward trend after Walmart announced it will pay $1.4 billion in a merger with Walmart.
The deal will create a company that’s worth about $500 billion.
Walmart Chief Executive Mike Duke announced the news in a conference call with investors.
The announcement comes as investors and analysts are focused on the next few weeks before the holidays, when the stock market has been in a bull market.
The price of a share of Walmart stock hit a record high Friday, hitting $9.75.
It has climbed more than 500% over the last year, with investors looking for a return on investment.
Duke said the merger will create more than 6,000 jobs, with the Walmart U.S. headquarters opening in the Minneapolis suburb of St. Paul.
WalMart has been struggling to get its product, which includes clothing, to the stores.
It has been shedding stores in recent years and has struggled to fill the gap.
The stock is down about $7.50 per share in premarket trading on Friday.