Stocks jump at the open on vaccine, merger news

A previous version of this Market Pulse described incorrect timing of the AstraZeneca announcement that the pause of its coronavirus vaccine trial would be lifted. The announcement came Saturday. This Pulse item has been corrected.

U.S. stocks opened higher Monday, buoyed by corporate deal making and prospects for a COVID-19 vaccine. The Dow Jones Industrial Average DJIA, +1.18% rose 192 points, 0.7%, opening near 27,858, while the S&P 500 SPX, +1.61% added 33 points, 1%, and opened at about 3,374. The Nasdaq Composite COMP, +2.25% punched 155 points higher to open near 11,009, up about 1.4%. The tech-heavy index ended trading Friday down 4.1% for the week, its worst one-week showing since March, as investors sold stocks perceived as too expensive, and options trades that have bid up those equities over the past few months continued to unwind. AstraZeneca PLC AZN, +0.68% said on Saturday that it was restarting its coronavirus vaccine clinical trials, after a halt last week because of a patient’s illness. Shares were nearly 1% higher in early trade. Gilead Sciences GILD, +3.06% said it will acquire Immunomedics IMMU, +100.45%, maker of the breast-cancer drug Trodelvy. Immunomedics shares more than doubled in early trading.

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