Dow Surges 288 Points on Vaccine Optimism, Big Tech Rebound
After a painful correction, Big Tech is leading U.S. stocks higher again. The Dow rose nearly 200 points at Monday's open. | Image: Spencer Platt/Getty Images/AFP
- The Dow Jones Industrial Average rose nearly 300 points on Monday.
- Shares of Oracle Corporation spiked 7% on reports that the company had secured TikTok’s U.S. operations.
- Pharmaceutical giant AstraZeneca announced Saturday that it had resumed late-stage Covid-19 vaccine trials in the U.K.
The Dow and broader U.S. stock market traded sharply higher on Monday, as investors rallied behind positive developments concerning a Covid-19 vaccine candidate. A sharp recovery in Big Tech shares also aided in the rally.
Dow, S&P 500, Nasdaq Surge
All of Wall Street’s major indexes opened higher, reflecting a strong pre-market session for U.S. stock futures. The Dow Jones Industrial Average gained as much as 288 points or 1%.
Apple was the Dow’s biggest gainer Monday, followed closely by Visa and American Express.
The broad S&P 500 Index of large-cap stocks surged 1.4%, with all 11 primary sectors reporting gains . The S&P 500’s information technology index surged 2.2%. Financials, consumer discretionary, and communication services also rose sharply.
Surging tech shares fueled a sharp rally in the Nasdaq Composite Index , which rose 1.9%. The tech-heavy index is once again trading above 11,000.
Vaccine Optimism Builds
The Nasdaq’s Biotechnology Index spiked 3.5% Monday morning after AstraZeneca reported that it had resumed late-stage vaccine trials with the University of Oxford in the United Kingdom.
On Sept. 6, AstraZeneca paused its Covid-19 trials to “allow [a] review of safety data by independent committees.” Following its investigation, the U.K.’s Medicines Health Regulatory Authority concluded that trials are safe to resume. Watch the video below for more:
Oracle Lands TikTok’s U.S. Operations: Reports
Shares of Oracle Corporation rose by as much as 7% Monday following reports that the company had secured a partnership with ByteDance to run TikTok’s U.S. operations.
Microsoft–long considered to be the frontrunner in acquiring TikTok’s U.S. business–announced Sunday that the Chinese-owned video app company rejected its bid .
A deal between TikTok owner ByteDance Ltd. and Oracle will look more like a corporate restructuring than the outright sale Microsoft had proposed…
Oracle secured the deal a week before the White House was set to ban TikTok over national security concerns.
