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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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Energy and financials helped the S&P 500 lock in gains of over 1.6%.

Ticker Security Last Change Change %
SP500 S&P 500 3351.6 +53.14 +1.61%
XLF FINANCIAL SELECT SECTOR SPDR ETF 24.05 +0.56 +2.38%
XLE ENERGY SELECT SECTOR SPDR ETF 30.89 +0.71 +2.35%

The Dow Jones Industrial Average gained 410 points or 1.5%,  helped by Chevron and Microsoft.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 27584.06 +410.10 +1.51%
CVX CHEVRON CORP. 73.93 +2.10 +2.92%
MSFT MICROSOFT CORP. 209.44 +1.62 +0.78%

Semiconductors and biotech names, along with the popular large-cap tech stocks, including Apple and Amazon, lifted the Nasdaq Composite 1.9%.

Ticker Security Last Change Change %
I:COMP NASDAQ COMPOSITE INDEX 11117.525026 +203.96 +1.87%
BIIB BIOGEN INC. 282.04 +8.76 +3.20%
XLNX XILINX INC. 103.80 +3.45 +3.44%
AAPL APPLE INC. 114.96 +2.68 +2.39%
AMZN AMAZON.COM INC. 3,174.05 +78.92 +2.55%

CHEAP DOLLAR WON’T REVIVE NYC REAL ESTATE MARKET ANYTIME SOON

The e-commerce giant 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.

In other news, United Airlines rose after the pilots union and the carrier agreed to a deal that will avoid furloughs for the time being.

Ticker Security Last Change Change %
UAL UNITED AIRLINES HLDG. 35.94 +1.74 +5.09%

In deal news, Cleveland-Cliffs Inc. agreed to buy ArcelorMittal SA’s U.S. business for $1.4 billion in cash and stock.

Ticker Security Last Change Change %
CLF CLEVELAND-CLIFFS INC. 6.56 +0.68 +11.56%

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.

Ticker Security Last Change Change %
CZR CAESARS ENTERTAINMENT 58.21 +1.14 +2.00%

Devon Energy Corp. and WPX Energy Inc. are discussing a $6 billion merger, The Wall Street Journal reports, citing people familiar with the matter.

Ticker Security Last Change Change %
DVN DEVON ENERGY CORPORATION 9.80 +0.98 +11.11%
WPX WPX ENERGY INC 5.17 +0.73 +16.44%

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.

Ticker Security Last Change Change %
UBER UBER TECHNOLOGIES INC. 35.56 +1.10 +3.19%

Looking at commodities, West Texas Intermediate crude oil ticked up 35 cents to $40.60 per barrel while gold rose $15.10 to $1,872.80 an ounce.

U.S. Treasurys were modestly lower, causing the yield on the 10-year note to rise to 0.661%.

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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%.