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%.
|XLF||FINANCIAL SELECT SECTOR SPDR ETF||24.05||+0.56||+2.38%|
|XLE||ENERGY SELECT SECTOR SPDR ETF||30.89||+0.71||+2.35%|
The Dow Jones Industrial Average gained 410 points or 1.5%, helped by Chevron and Microsoft.
|I:DJI||DOW JONES AVERAGES||27584.06||+410.10||+1.51%|
Semiconductors and biotech names, along with the popular large-cap tech stocks, including Apple and Amazon, lifted the Nasdaq Composite 1.9%.
|I:COMP||NASDAQ COMPOSITE INDEX||11117.525026||+203.96||+1.87%|
CHEAP DOLLAR WON’T REVIVE NYC REAL ESTATE MARKET ANYTIME SOON
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.
|UAL||UNITED 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.
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.
Devon Energy Corp. and WPX Energy Inc. are discussing a $6 billion merger, The Wall Street Journal reports, citing people familiar with the matter.
|DVN||DEVON ENERGY CORPORATION||9.80||+0.98||+11.11%|
|WPX||WPX ENERGY INC||5.17||+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.
|UBER||UBER 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%.
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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%.