The Nasdaq Composite (COMP) climbed 246 points, or 2.3%, to 11,101. The S&P 500 - a gauge for the health of U.S. retirement and college savings reports - was up 1.7 percent, while the tech-heavy Nasdaq Composite Index was 2.24 percent in the green. The market has been following in the footsteps of its rally leader.
AstraZeneca was up 1% following news over the weekend that clinical trials for the pharmaceutical company's coronavirus vaccine will resume after being paused due to a reported side-effect in a patient in the U.K. The vaccine is seen as one of the strongest contenders among the dozens of coronavirus vaccines being tested. The restart of the trial for the vaccine may offer some optimism for the bulls to start the week. But news broke late on Sunday that the deal had fallen apart. Instead, ByteDance has chosen Oracle to be TikTok's USA technology partner, and Oracle will take a significant stake in the business, according to a person familiar with the discussions.
Oracle had gained 4.3 percent before trading was halted around 1333 GMT, after the USA government confirmed it had received a bid from the company for TikTok's U.S. operations after the video sharing app's parent company ByteDance rejected a proposal from Microsoft.
An agreement to link up TikTok with a USA company comes amid rising tensions between America and China, with President Donald Trump threatening repeatedly to shut down TikTok in the US if it isn't sold to an American company by September 15. Investors were encouraged by Sunday after Gilead reached a $21 billion deal to acquire Immunomedics, Nvidia agreed to a $40 billion deal to buy Arm Holdings from Japan's SoftBank, and Oracle appeared poised to take over TikTok's USA operations.
Which stocks are in focus?
The Philadelphia SE chip index rose 2.6 per cent.
Tesla shares rebounded by more than 4%. (VZ) announced Monday an agreement to buy mobile provider Tracfone from America Movil (AMOV) in a cash-and-stock deal that could be worth up to $6.9 billion.
Also gaining was Amazon, which saw a 1.8 percent rise after announcing it would hire 100,000 new employees and open 100 new facilities in the United States and Canada. (WYND) shares were up 4.7% after it said that gross vacation ownership, or VOI, sales came to $168 million in July and August with the trend improving in August from July. And the stock of Immunomedics more than doubled after the cancer drug specialist agreed to be acquired by Gilead Sciences in a $21 billion deal.
Which markets are on the move?
Prices for the 10-Year Treasury were unchanged, keeping yields at Friday's 0.67%.