US STOCKS-Wall Street climbs on mega mergers, vaccine hopes

4 Min Read

(For a live blog on the U.S. stock market, click or type LIVE/ in a news window)

* Nvidia climbs on $40 bln deal for chip designer Arm

* Pfizer, BioNTech expand late-stage COVID-19 vaccine trial

* Oracle surges on partnership with TikTok parent

* Indexes up: Dow 1.23%, S&P 1.64%, Nasdaq 2.23% (Adds comment, details; updates prices)

Sept 14 (Reuters) – Wall Street’s major indexes climbed on Monday on a boost from technology stocks while signs of progress in developing a COVID-19 vaccine and a spurt of multi-billion dollar deals also brightened the mood.

Nvidia Corp jumped 6.7% on plans to buy UK-based chip designer Arm from Japan’s SoftBank Group Corp for as much as $40 billion, in a deal set to reshape the global semiconductor landscape.

The Philadelphia SE chip index rose 2.4%. All major S&P sectors were higher with technology leading the charge with a 2.3% increase.

Oracle surged 5.6% as the cloud services company said it would team up with China’s ByteDance to keep TikTok operating in the United States, beating Microsoft Corp in a deal structured as a partnership rather than an outright sale.

U.S. stocks are coming off of two straight weeks of losses as investors sold heavyweight technology shares that had powered the benchmark index to record highs in a dramatic recovery from its March lows.

“The tail-end of last week seemed to indicate a continued wobble in market sentiment that appears to be finding some more solid footing this morning,” said Yousef Abbasi, global market strategist at StoneX Group Inc in New York.

“Behind this, we have the positive developments on vaccines as well as an active merger Monday.” rose about 1.9% after the online shopping giant said it is hiring 100,000 more workers in its latest job spree for the United States this year – to

Read More Here...

Bookmark the permalink.

Comments are closed.