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U.S. stock indexes rallied Monday morning, putting the Dow Jones Industrial Average and the S&P 500 on track to snap their five-day losing streaks. 

The Dow climbed 203 points, or 0.59%, while the S&P 500 index and the Nasdaq Composite index gained 0.69% and 0.6%, respectively.  

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 34878.83 +271.11 +0.78%
SP500 S&P 500 4466 +7.42 +0.17%
I:COMP NASDAQ COMPOSITE INDEX 15078.982277 -36.51 -0.24%

The early gains come as House Democrats are working on a draft proposal that would raise taxes on the wealthy and corporations to pay for their $3.5 trillion budget package. 

Details of the proposal could still change, but it is said to include raising taxes on individuals making over $400,000 annually and married couples filing jointly earnings of $450,000 per year. It also includes raising the top corporate tax rate to 26.5% from 21% and increasing the top capital gains rate to 25% from 20%. 

In stocks, Apple Inc. shares recouped a portion of Friday’s losses that came after a federal judge issued a permanent injunction that would allow players to avoid the 30% Apple Store fees.

Ticker Security Last Change Change %
AAPL APPLE, INC. 149.81 +0.84 +0.56%

Virgin Galactic Holdings Inc. said it was postponing its joint space mission with the Italian Air Force until mid-October due to concern over a potential manufacturing defect in a component of the flight control system. 

Ticker Security Last Change Change %
SPCE VIRGIN GALACTIC HOLDINGS INC. 24.29 -0.88 -3.49%

In deals, TransUnion agreed to buy Neustar, a real-time information and analytics company, from a private investment group for $3.1 billion. 

Ticker Security Last Change Change %
TRU TRANSUNION 121.36 -1.92 -1.55%

Elsewhere, Kansas City Southern plans to accept a $27.2 billion cash and stock offer to sell itself to Canadian Pacific Railway Ltd. unless rival Canadian National Railway Ltd. is able to submit a more appealing deal by Friday. Canadian Pacific’s $29.6 billion offer was last month pushed aside after the U.S. Surface Transportation Board rejected its voting structure. 

Ticker Security Last Change Change %
KSU KANSAS CITY SOUTHERN 283.58 +2.96 +1.05%
CP CANADIAN PACIFIC RAILWAY LTD. 69.36 +0.81 +1.18%
CNI CANADIAN NATIONAL RAILWAY CO. 118.89 -0.01 -0.01%

Elsewhere, Alibaba Group Holding Ltd. was lower after a Financial Times report said Beijing wants to break up payments app Alipay, which is owned by affiliate Ant Group. 

Ticker Security Last Change Change %
BABA ALIBABA GROUP HOLDING LTD. 165.15 -2.91 -1.73%

In commodities, West Texas Intermediate crude oil added 73 cents to $70.45 a barrel and was on track for its best close since Aug. 2. Gold, meanwhile, slipped $1.10 to $1,791 an ounce.

Overseas markets were mostly higher. 

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European bourses rallied across the board with Germany’s DAX surging 1%, France’s CAC 40 advancing 0.82% and Britain’s FTSE 100 up 0.77%.

In Asia, Japan’s Nikkei 225 and China’s Shanghai Composite edged up 0.22% and 0.33%, respectively, while Hong Kong’s Hang Seng index tumbled 1.5%.