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Markets Notch Gains, But There's an 'Elephant in the Room'

'This week’s going to be all about the jobs numbers'
By Newser Editors and Wire Services
Posted Sep 28, 2020 3:51 PM CDT

(Newser) – Stocks notched solid gains Monday as Wall Street clawed back some of its sharp and sudden September losses. The S&P 500 rose 1.6%, its third straight gain. The benchmark index was coming off its first four-week losing streak in more than a year and is on track to close out September with a loss of 4.2% after five months of gains. The market’s gains were widespread, with more than 90% of the stocks in the S&P 500 higher, the AP reports. Big Tech stocks did the heaviest lifting. Several companies announced big mergers and acquisitions, which helped to push markets higher. The S&P 500 rose 53.14 points to 3,351.60. The Dow Jones Industrial Average gained 410.10 points, or 1.5%, to 27,584.06. The Nasdaq composite climbed 203.96 points, or 1.9%, to 11,117.53.

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Energy stocks made broad gains after Devon Energy and WPX Energy agreed to combine. Devon Energy rose 13.4%, and WPX Energy gained 18.2%. Another strong gainer was Uber, which rose 3.7% after it won an appeal that will allow it to keep operating in London. Analysts say the the tumultuous trading may not be over. "The latest monthly employment report from the government on Friday could help shed some more light on the economic recovery, but it could also mean more volatility for the markets, said Brad McMillan, chief investment officer for Commonwealth Financial Network. "This week’s going to be all about the jobs numbers, that’s the elephant in the room,” he says.

(Read more stock market stories.)

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