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 | 6869.24 | +72.38 | +1.06% |
| XLF | FINANCIAL SELECT SECTOR SPDR ETF | 53.20 | -1.24 | -2.28% |
| XLE | ENERGY SELECT SECTOR SPDR ETF | 47.60 | -0.09 | -0.19% |
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 | 48922.46 | +433.87 | +0.89% |
| CVX | CHEVRON CORP. | 165.30 | -0.96 | -0.58% |
| MSFT | MICROSOFT CORP. | 454.52 | -5.34 | -1.16% |
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 | 23249.691349 | +295.37 | +1.29% |
| BIIB | BIOGEN INC. | 165.38 | +0.96 | +0.58% |
| XLNX | NO DATA AVAILABLE | - | - | - |
| AAPL | APPLE INC. | 246.70 | -8.83 | -3.46% |
| AMZN | AMAZON.COM INC. | 231.00 | -8.12 | -3.40% |
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.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| UAL | UNITED AIRLINES HOLDINGS INC. | 108.57 | -4.92 | -4.34% |
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. | 14.05 | +0.05 | +0.36% |
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. | 22.85 | -1.50 | -6.16% |
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. | 36.29 | +0.09 | +0.25% |
| 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. | 85.16 | +1.44 | +1.72% |
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%.
CLICK HERE TO READ MORE ON FOX BUSINESS
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%.