Stocks jump in broad rally, Bitcoin stabilizes
Cabot Oil & Gas Corp. reaches $7.35 billion all-stock deal for rival Cimarex Energy Co.
WSJ Reporter Gunjan Banerji, Slatestone Wealth chief market strategist Kenny Polcari and Surevest CEO Rob Luna on earnings, tech stocks and tips for investors.
U.S. equity markets rose Monday, putting the major averages on track for their first weekly advance in three.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 42750.48 | +43.92 | +0.10% |
| SP500 | S&P 500 | 5949.01 | -26.37 | -0.44% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19642.23898 | -222.74 | -1.12% |
The Dow Jones Industrial Average gained 185 points, or 0.54%, while the S&P 500 and the Nasdaq Composite advanced 0.99% and 1.41%, respectively.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| COG | NO DATA AVAILABLE | - | - | - |
| XEC | NO DATA AVAILABLE | - | - | - |
In stocks, Cabot Oil & Gas Corp. agreed to buy rival Cimarex Energy Co. for $7.35 billion in stock. The agreement will pay Cimarex shareholders 4.0146 Cabot shares for each Cimarex share they own.
CABOT OIL & GAS, CIMAREX ENERGY TO MERGE TO CREATE $17B PRODUCER
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MLM | MARTIN MARIETTA MATERIALS INC. | 517.37 | +0.70 | +0.14% |
Chipmakers also rose with Applied Materials, Nvidia and Intel helping boost large-cap tech.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMAT | APPLIED MATERIALS INC. | 177.48 | +7.42 | +4.36% |
| NVDA | NVIDIA CORP. | 149.43 | +4.96 | +3.43% |
| INTC | INTEL CORP. | 19.87 | -0.69 | -3.36% |
Martin Marietta Materials Inc. reached a deal to buy U.S. assets owned by Germany-based HeidelbergCement for $2.3 billion cash.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SPCE | VIRGIN GALACTIC HOLDINGS INC. | 6.43 | -0.10 | -1.53% |
Elsewhere, Virgin Galactic Holdings Inc. shares rocketed higher after the space exploration company on Saturday successfully completed its first test flight in over two years.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMC | AMC ENTERTAINMENT | 4.06 | +0.04 | +1.00% |
Movie-theater chain AMC Entertainment Holdings Co.’s largest shareholder, Dalian Wanda Group, sold the majority of its stake, according to a regulatory filing released Friday. Wanda acquired AMC in 2012 and took the company public in 2013.
Bitcoin-linked companies including Coinbase Global Inc., MicroStrategy Inc. and Tesla Inc. were in focus after the cryptocurrency over the weekend plunged below $32,000 per coin before recouping some of its losses hitting the $37,000 level in early trading.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| COIN | COINBASE GLOBAL INC. | 272.29 | -15.47 | -5.38% |
| MSTR | MICROSTRATEGY INC. | 379.09 | +39.43 | +11.61% |
| TSLA | TESLA INC. | 411.05 | +0.61 | +0.15% |
Meanwhile, energy companies like Chevron Corp. and Exxon Mobil Corp. were higher as West Texas Intermediate crude oil climbed $2.47 to $66.05 per barrel.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CVX | CHEVRON CORP. | 147.26 | -0.59 | -0.40% |
| XOM | EXXON MOBIL CORP. | 107.74 | -0.12 | -0.11% |
Gold, meanwhile, rallied $7.90 to $1,884.60 an ounce.
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Overseas markets were mostly higher.
In Europe, Britain’s FTSE 100 and France’s CAC 30 rallied 0.48% and 0.35%, respectively while Germany’s DAX 30 was closed for holiday.
Asian markets were mixed with Hong Kong’s Hang Seng index slipping 0.16% while Japan’s Nikkei 225 and China’s Shanghai Composite added 0.17% and 0.31%, respectively.