U.S. stocks rose Monday, taking back a chunk of last week’s losses amid fresh hope for a coronavirus vaccine, a flurry of initial public offerings and potential corporate mash-ups, including reports that Oracle plans to forge a partnership with TikTok, the popular China-based social-media platform.
How did equity benchmarks perform?
The Dow Jones Industrial Average DJIA, +1.18% rose 327.69 points, or 1.2%, to finish at 27,993.33, after briefly trading above the 28,000 threshold. The S&P 500 SPX, +1.27% added 42.57 points, or 1.3%, closing at 3,383.54. The Nasdaq Composite COMP, +1.87% climbed 203.11 points, or 1.7%, to end at 11,056.65, snapping a two-session losing streak.
The Russell 2000 index RUT, +2.65% of small-capitalization stocks rose 39.70 points, or 2.7%, to end at 1,536.97, outperforming the major stock benchmarks.
Equities ended Friday with the Dow posting a weekly loss of 1.7%, while the S&P 500 fell 2.5% and the Nasdaq Composite Index dropped 4.1%, marking its worst weekly plunge since the period ended March 20, according to Dow Jones Market Data.
What drove the market?
Equities on Wall Street closed higher on Monday, as investors embraced positive developments on the vaccine front and geared up for the year’s busiest week so far for initial public offerings.
Snowflake, a cloud-computing company, looks to lead the way, with plans to raise up to $3.08 billion at a valuation of up to $30.5 billion. A dozen companies are on tap to go public for the week, while aiming to raise a collective $6.8 billion.