Stocks on Wall Street bounced back sharply Monday from Friday’s drop. Investors snapped up stocks especially energy and materials shares. The markets moved higher after President Donald Trump tweeted he’ ll leave the hospital Monday night after being treated for COVID-19.
Ticker Tocker chief market strategist Stephen Kalayjian:
“The markets are pushing up obviously because of talks of the stimulus and because President Trump is out of the hospital and reports he may be coming back today.”
Investors bought shares of Regeneron Pharmaceuticals – the stock rallied following Friday’s news that the president had taken a dose of its dual antibody treatment. Its shares added another 7% Monday to lead the S&P’s list of gainers.
The S&P 500 rose 1.8%, closing above a key technical level. The Dow added 1.7%. And the Nasdaq shot up 2.3%.
A shutdown of six Norwegian offshore oil and gas fields due to a workers strike will cut the country’s output capacity. That news drove up oil prices, and energy stocks rose. Separately, Exxon Mobil shares rose after the oil giant said it'll cut up to 1600 jobs across Europe by the end of 2021.
And shares of Bristol-Myer Squibb rose. It’s buying heart drug maker MyoKardia for about $13 billion. MyoKardia’s shares jumped nearly 58%.