Investor Alert

New York Markets After Hours

Sept. 28, 2020, 10:31 a.m. EDT

Stocks Stage Comeback

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The NASDAQ leaped 123.37 points, or 1.1%, to 11,036.93.

Shares of major tech names rose broadly. Facebook and Amazon climbed 0.9% and 2%, respectively. Apple and Netflix were up more than 1% each. Alphabet advanced 1.6% and Microsoft traded higher by 1.1%.

Bank stocks also contributed to Monday's gains. JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley all popped more than 1%.

Sentiment on Wall Street got a boost after House Speaker Nancy Pelosi said Sunday a last-minute coronavirus aid deal remains on the table as House Democrats try to forge ahead on a smaller aid package costing about $2.4 trillion. The chamber could vote on the bill as soon as next week. Still, that price tag is well above what Republican leadership has indicated it will support for a new package.

Investors also cheered a slew of corporate dealmaking activity. Devon Energy and WPX Energy announced they will mover forward with a merger of equals, sending their stocks up 5% and 8.2%, respectively. Meanwhile, Caesars Entertainment revealed a cash offer to buy

London-based William Hill for 2.9 billion pounds.

Shares of companies that would benefit from the economy reopening caught a bid. Carnival Corp picked up 1.8%, and American Airlines was up 2.8%.

Still, major averages are on track to post steep losses for September, a historically weak month for stocks. The Dow and the S&P 500 have fallen 4.4% and 5.8%, respectively, while the NASDAQ has dropped 7.3%. The declines followed a massive comeback from the coronavirus selloff that saw the S&P 500 climb more than 50% from its March bottom.

Prices for the 10-Year Treasury were static, maintaining yields at Friday's 0.66%.

Oil prices deleted seven cents to $40.18 U.S. a barrel.

Gold prices recovered $5.80 to $1,872.10 U.S. an ounce.


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