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
Wall Street Gains After Surge in Corporate Deals
Specialist Anthony Matesic, center, works with traders at his post on the floor of the New York Stock Exchange. Stocks opened solidly higher on Wall Street Monday, Sept. 14, 2020, following a burst of big corporate deals.   (AP Photo/Richard Drew, File)

(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.

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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