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.

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Energy and financials helped the S&P 500 lock in gains of over 1.6%.

TickerSecurityLastChangeChange %
SP500S&P 5003400.97-64.42-1.86%
XLFFINANCIAL SELECT SECTOR SPDR ETF24.71-0.55-2.16%
XLEENERGY SELECT SECTOR SPDR ETF29.30-1.09-3.59%

The Dow Jones Industrial Average gained 410 points or 1.5%,  helped by Chevron and Microsoft.

TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES27685.38-650.19-2.29%
CVXCHEVRON CORP.70.94-1.63-2.25%
MSFTMICROSOFT CORP.210.08-6.15-2.84%

Semiconductors and biotech names, along with the popular large-cap tech stocks, including Apple and Amazon, lifted the Nasdaq Composite 1.9%.

TickerSecurityLastChangeChange %
I:COMPNASDAQ COMPOSITE INDEX11358.936824-189.34-1.64%
BIIBBIOGEN INC.256.76-8.24-3.11%
XLNXXILINX INC.114.55-2.27-1.94%
AAPLAPPLE INC.115.05+0.01+0.01%
AMZNAMAZON.COM INC.3,207.04+2.64+0.08%

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.

TickerSecurityLastChangeChange %
UALUNITED AIRLINES HLDG.35.34-2.67-7.02%

In deal news, Cleveland-Cliffs Inc. agreed to buy ArcelorMittal SA’s U.S. business for $1.4 billion in cash and stock.

TickerSecurityLastChangeChange %
CLFCLEVELAND-CLIFFS INC.8.52-0.15-1.73%

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.

TickerSecurityLastChangeChange %
CZRCAESARS ENTERTAINMENT51.76-2.93-5.36%

Devon Energy Corp. and WPX Energy Inc. are discussing a $6 billion merger, The Wall Street Journal reports, citing people familiar with the matter.

TickerSecurityLastChangeChange %
DVNDEVON ENERGY CORPORATION8.81-0.55-5.88%
WPXWPX ENERGY INC4.47-0.30-6.29%

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.

TickerSecurityLastChangeChange %
UBERUBER TECHNOLOGIES INC.35.49-1.26-3.43%

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%.