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Surge in Dealmaking Gives Wall St. a Boost

Markets have clawed back some of last week's losses
By Newser Editors and Wire Services
Posted Sep 14, 2020 3:53 PM CDT

(Newser) – Wall Street kicked off the week with a broad rally Monday, clawing back much of the stock market's losses from last week.The S&P 500 rose 1.3%, led by gains in technology, health care and financial stocks. Small company stocks were among the biggest gainers. The rally reversed a big slice of the index's 2.5% slide last week, when the S&P 500 posted its biggest weekly decline since June. The S&P 500 gained 42.57 points to 3,383.54. The Dow Jones Industrial Average rose 327.69 points, or 1.2%, to 27,993.33. The Nasdaq, which includes many tech stocks, picked up 203.11 points, or 1.9%, to 11,056.65. Small company stocks climbed more than the rest of the market, sending the Russell 2000 higher. The index rose 39.70 points, or 2.7%, to 1,536.97.

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The market's strong start to the week is a reversal after a mostly downward shift in the market this month led by a sell-off in high-flying tech stocks that many analysts said was long overdue, the AP reports. Several big corporate deals helped put investors in a buying mood Monday. Nvidia jumped 5.8% after announcing plans to buy fellow chipmaker Arm Holdings in a deal worth up to $40 billion. Oracle climbed 4.3% after the business software maker beat out Microsoft to become the “trusted technology provider” of TikTok, the popular video-sharing app based in China. And the stock of Immunomedics nearly doubled after the cancer drug specialist agreed to be acquired by Gilead Sciences in a $21 billion deal.

(Read more stock market stories.)

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