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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The Dow Jones Industrial Average gained 372 points, or 1.37%, in the opening minutes of trading while the S&P 500 and the Nasdaq Composite were higher by 1.41% and 1.55%, respectively.
The early gains put the Dow and the S&P on track to snap their four-week losing streaks. The Nasdaq, meanwhile, looks for a second consecutive weekly advance.
Mega-cap tech stocks including Tesla Inc., Apple Inc. and Microsoft Corp. were all higher.
Amazon Inc. 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.
Meanwhile, cruise operators and airlines gained amid continued optimism surrounding a COVID-19 vaccine.
Looking at deals, Cleveland-Cliffs Inc. agreed to buy ArcelorMittal SA’s U.S. business for $1.4 billion cash and stock.
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.
Devon Energy Corp. and WPX Energy Inc. are discussing a $6 billion merger, The Wall Street Journal reports, citing people familiar with the matter.
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.
Looking at commodities, West Texas Intermediate crude oil ticked up 30 cents to $40.55 per barrel while gold rose $6.20 to $1,872.50 an ounce.
U.S. Treasurys were modestly lower, causing the yield on the 10-year note to rise by 1.2 basis points to 0.671%.
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%.