U.S. stocks rose at the start of Monday’s session, kicking off the week amid fresh hope for a coronavirus vaccine and a flurry of potential and announced deals over the weekend, including reports that Oracle may be forging a partnership with TikTok, the popular China-owned social media platform.
How are equity benchmarks performing?
The Dow Jones Industrial Average DJIA, +1.05% rose 296 points, or 1.1%, to 27,960. The S&P 500 SPX, +1.37% added 47 points, or 1.4%, to 3,388. The Nasdaq Composite COMP, +1.86% climbed 215 points, or 2%, to 11,065.
Equities ended Friday trade with the Dow posting a weekly loss of 1.7%, while the S&P 500 fell 2.5% and the Nasdaq Composite Index dropping 4.1%, to mark its worst weekly drop since the period ended March 20, according to Dow Jones Market Data.
What’s driving the market?
Equities on Wall Street took on a buoyant tone at the start of the week as investors drew optimism from a number of public-health and corporate announcements that were being taken as a positive, following last week’s market turbulence that saw the Nasdaq Composite post its steepest weekly decline since the height of the pandemic-driven selloff in March.
Notably, reports that the AstraZeneca PLC AZN, +0.70% said over the weekend that clinical trials for its experimental coronavirus vaccine resumed after trials were paused due to an unexplained illness contracted by one of the participants who was given the vaccine. The restart of the trial for the vaccine may offer some optimism for the bulls to start the week.
In addition to the AstraZeneca report, Pfizer