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 | 6814.82 | -86.18 | -1.25% |
| XLF | FINANCIAL SELECT SECTOR SPDR ETF | 54.79 | -0.09 | -0.15% |
| XLE | ENERGY SELECT SECTOR SPDR ETF | 45.96 | -0.22 | -0.48% |
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 | 48414.23 | -289.78 | -0.59% |
| CVX | CHEVRON CORP. | 150.72 | -0.69 | -0.46% |
| MSFT | MICROSOFT CORP. | 483.47 | +4.91 | +1.03% |
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 | 23150.636283 | -443.22 | -1.88% |
| BIIB | BIOGEN INC. | 172.50 | -5.05 | -2.84% |
| XLNX | NO DATA AVAILABLE | - | - | - |
| AAPL | APPLE INC. | 278.03 | -0.75 | -0.27% |
| AMZN | AMAZON.COM INC. | 230.28 | -1.50 | -0.65% |
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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. | 108.39 | +0.65 | +0.60% |
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. | 13.41 | +0.71 | +5.59% |
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. | 24.10 | +0.62 | +2.64% |
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. | 37.47 | -0.24 | -0.64% |
| 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. | 84.91 | -0.53 | -0.62% |
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%.