U.S. equity markets rose Monday morning and were on track for their first weekly gain in three.
The Dow Jones Industrial Average gained 115 points, or 0.34, while the S&P 500 and the Nasdaq Composite advanced 0.54% and 0.62%, respectively.
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.
Ticker Security Last Change Change % MLM MARTIN MARIETTA 367.03 +4.36 +1.20%
Chipmakers also rose with Applied Materials, Nvidia and Intel helping boost large-cap tech.
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. 25.21 +4.20 +19.99%
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 13.46 +1.37 +11.32%
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.
Meanwhile, energy companies like Chevron Corp., Exxon Mobil Corp. and Schlumberger Ltd. were higher as West Texas Intermediate crude oil climbed $1.09 to $64.67 per barrel.
Gold, meanwhile, rallied $5.70 to $1,882.40 an ounce.
Overseas markets were little changed.
In Europe, Britain’s FTSE 100 and France’s CAC 30 hovered near their respective flat lines. 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.