0 Comments

U.S. equity markets rallied Monday as investors were on the hunt for bargains after a fourth straight week of losses.

Energy and financials helped the S&P 500 lock in gains of over 1.6%.

TickerSecurityLastChangeChange %
SP500S&P 5003351.6+53.14+1.61%
XLFFINANCIAL SELECT SECTOR SPDR ETF24.05+0.56+2.38%
XLEENERGY SELECT SECTOR SPDR ETF30.89+0.71+2.35%

The Dow Jones Industrial Average gained 410 points or 1.5%,  helped by Chevron and Microsoft.

 

TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES27584.06+410.10+1.51%
CVXCHEVRON CORP.73.93+2.10+2.92%
MSFTMICROSOFT CORP.209.44+1.62+0.78%

Semiconductors and biotech names, along with the popular large-cap tech stocks, including Apple and Amazon, lifted the Nasdaq Composite 1.9%.

TickerSecurityLastChangeChange %
I:COMPNASDAQ COMPOSITE INDEX11117.525026+203.96+1.87%
BIIBBIOGEN INC.282.04+8.76+3.20%
XLNXXILINX INC.103.80+3.45+3.44%
AAPLAPPLE INC.114.96+2.68+2.39%
AMZNAMAZON.COM INC.3,174.05+78.92

+2.55%

 

The e-commerce giant will hold its Amazon Prime Day on Oct. 13-14. The annual event, which is typically held in July, was postponed due to COVID-19.

In other news, United Airlines rose after the pilots union and the carrier agreed to a deal that will avoid furloughs for the time being.

TickerSecurityLastChangeChange %
UALUNITED AIRLINES HLDG.35.94+1.74+5.09%

In deal news, Cleveland-Cliffs Inc. agreed to buy ArcelorMittal SA’s U.S. business for $1.4 billion in cash and stock.

TickerSecurityLastChangeChange %
CLFCLEVELAND-CLIFFS INC.6.56+0.68+11.56%

Caesar’s Entertainment Inc. made a 2.9 billion British pound ($3.7 billion) offer for U.K. betting company William Hill. The offer, which was at a 25% premium to where William Hill shares closed on Friday, rivaled a separate proposal from Apollo Global Management Inc.

TickerSecurityLastChangeChange %
CZRCAESARS ENTERTAINMENT58.21+1.14+2.00%

Devon Energy Corp. and WPX Energy Inc. are discussing a $6 billion merger, The Wall Street Journal reports, citing people familiar with the matter.

TickerSecurityLastChangeChange %
DVNDEVON ENERGY CORPORATION9.80+0.98+11.11%
WPXWPX ENERGY INC5.17+0.73+16.44%

Elsewhere, Uber Technologies Inc. received an 18-month license from the city of London after a judge ruled the ride-hailing operator was “fit and proper” to conduct business. The company’s license was stripped for a second time last year.

TickerSecurityLastChangeChange %
UBERUBER TECHNOLOGIES INC.35.56+1.10+3.19%

Looking at commodities, West Texas Intermediate crude oil ticked up 35 cents to $40.60 per barrel while gold rose $15.10 to $1,872.80 an ounce.

U.S. Treasurys were modestly lower, causing the yield on the 10-year note to rise to 0.661%.

European markets were trading higher across the board with Germany’s DAX up 3.16%, France’s CAC higher by 2.48% and Britain’s FTSE gaining 1.85%.

In Asia, Japan’s Nikkei climbed 1.32% and Hong Kong’s Hang Seng added 1.04% while China’s Shanghai Composite slipped 0.06%.

Fox Business

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}
New Market Highs - Protect Your Gains

Get this Free E-Book

How to lock in your profits against another crash

__CONFIG_colors_palette__{"active_palette":0,"config":{"colors":{"b17f7":{"name":"Main Accent","parent":-1}},"gradients":[]},"palettes":[{"name":"Default","value":{"colors":{"b17f7":{"val":"var(--tcb-skin-color-0)"}},"gradients":[]},"original":{"colors":{"b17f7":{"val":"rgb(47, 138, 229)","hsl":{"h":210,"s":0.77,"l":0.54,"a":1}}},"gradients":[]}}]}__CONFIG_colors_palette__
__CONFIG_colors_palette__{"active_palette":0,"config":{"colors":{"34f05":{"name":"Main Accent","parent":-1}},"gradients":[]},"palettes":[{"name":"Default Palette","value":{"colors":{"34f05":{"val":"var(--tcb-local-color-b17f7)"}},"gradients":[]},"original":{"colors":{"34f05":{"val":"rgb(19, 114, 211)","hsl":{"h":210,"s":0.83,"l":0.45}}},"gradients":[]}}]}__CONFIG_colors_palette__
Get your free copy
>