Stocks jump in broad rally, Bitcoin stabilizes

Cabot Oil & Gas Corp. reaches $7.35 billion all-stock deal for rival Cimarex Energy Co.

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 33823.45 -210.22 -0.62%
SP500 S&P 500 4221.86 -1.84 -0.04%
I:COMP NASDAQ COMPOSITE INDEX 14161.350236 +121.67 +0.87%

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 CABOT OIL & GAS CORP 15.91 -0.66 -3.98%
XEC CIMAREX ENERGY 65.68 -4.08 -5.85%

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 336.52 -6.47 -1.89%

Chipmakers also rose with Applied Materials, Nvidia and Intel helping boost large-cap tech. 

Ticker Security Last Change Change %
AMAT APPLIED MATERIALS, INC. 137.32 +0.34 +0.25%
NVDA NVIDIA CORP. 746.29 +33.88 +4.76%
INTC INTEL CORP. 57.18 -0.04 -0.07%

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. 37.32 +1.95 +5.51%

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 HOLDINGS INC 60.73 +5.55 +10.06%

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 230.66 +2.61 +1.14%
MSTR MICROSTRATEGY 630.81 +10.99 +1.77%
TSLA TESLA, INC. 616.60 +11.73 +1.94%

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. 107.07 -2.60 -2.37%
XOM EXXON MOBIL CORP. 61.99 -2.11 -3.29%

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.