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 4232.6 +30.98 +0.74%
XLF FINANCIAL SELECT SECTOR SPDR ETF 37.78 +0.20 +0.53%
XLE ENERGY SELECT SECTOR SPDR ETF 53.63 +0.94 +1.78%

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 34777.76 +229.23 +0.66%
CVX CHEVRON CORP. 110.05 +1.38 +1.27%
MSFT MICROSOFT CORP. 252.46 +2.73 +1.09%

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 13752.236737 +119.39 +0.88%
BIIB BIOGEN, INC. 274.04 +1.93 +0.71%
XLNX XILINX, INC. 124.43 +2.29 +1.87%
AAPL APPLE, INC. 130.21 +0.69 +0.53%
AMZN AMAZON.COM, INC. 3,291.61 -14.76 -0.45%

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 54.73 +1.68 +3.17%

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. 21.13 +0.64 +3.12%

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 105.75 +3.53 +3.45%

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. 26.19 +0.90 +3.56%
WPX n.a. n.a. n.a. n.a.

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. 47.02 +0.41 +0.88%

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%.