Dow jumps 410 points as tech, financials pace stock gains
The Dow and S&P 500 snap 4-week losing streaks
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%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SP500 | S&P 500 | 5942.47 | +73.92 | +1.26% |
| XLF | FINANCIAL SELECT SECTOR SPDR ETF | 48.59 | +0.38 | +0.79% |
| XLE | ENERGY SELECT SECTOR SPDR ETF | 87.47 | +0.79 | +0.91% |
The Dow Jones Industrial Average gained 410 points or 1.5%, helped by Chevron and Microsoft.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 42732.13 | +339.86 | +0.80% |
| CVX | CHEVRON CORP. | 147.85 | +1.14 | +0.78% |
| MSFT | MICROSOFT CORP. | 423.35 | +4.77 | +1.14% |
Semiconductors and biotech names, along with the popular large-cap tech stocks, including Apple and Amazon, lifted the Nasdaq Composite 1.9%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:COMP | NASDAQ COMPOSITE INDEX | 19621.677105 | +340.88 | +1.77% |
| BIIB | BIOGEN INC. | 152.21 | +2.21 | +1.47% |
| XLNX | NO DATA AVAILABLE | - | - | - |
| AAPL | APPLE INC. | 243.36 | -0.49 | -0.20% |
| AMZN | AMAZON.COM INC. | 224.19 | +3.97 | +1.80% |
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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.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| UAL | UNITED AIRLINES HOLDINGS INC. | 95.67 | +0.24 | +0.25% |
In deal news, Cleveland-Cliffs Inc. agreed to buy ArcelorMittal SA’s U.S. business for $1.4 billion in cash and stock.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CLF | CLEVELAND-CLIFFS INC. | 9.51 | -0.04 | -0.37% |
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.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CZR | CAESARS ENTERTAINMENT INC. | 32.51 | -0.08 | -0.25% |
Devon Energy Corp. and WPX Energy Inc. are discussing a $6 billion merger, The Wall Street Journal reports, citing people familiar with the matter.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DVN | DEVON ENERGY CORP. | 33.94 | +0.51 | +1.51% |
| WPX | NO DATA AVAILABLE | - | - | - |
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.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| UBER | UBER TECHNOLOGIES INC. | 64.59 | +1.42 | +2.25% |
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%.