CNBC | PUBLISHED MON, SEP 28 2020 4:13 PM EDT
Dow Jones Industrial Average rises 410 points
The Dow climbed 410.10 points, or 1.5%, to close at 27,584.06. The S&P 500 advanced 1.6% to 3,351.60. The Nasdaq Composite popped 1.9% to 11,117.53. A slew of corporate deals and optimism around a potential coronavirus deal jolted stocks to start the week.
Pelosi optimistic a deal is still possible
House Speaker Nancy Pelosi said Sunday that 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. Pelosi also said she and Treasury Secretary Steven Mnuchin are set to talk on Monday. Still, that price tag is well above what Republican leadership has indicated it will support for a new package.
Devon Energy, Caesars jump on corporate deals
Devon Energy and WPX Energy announced they will move forward with a merger of equals, sending their stocks up 11.1% and 16.4%, respectively. Meanwhile, Caesars Entertainment disclosed a cash offer to buy London-based William Hill for 2.9 billion pounds. Shares of Caesars were up 2%.
What happens next?
Consumer confidence numbers are set for release Tuesday.
SOURCE : https://www.cnbc.com/2020/09/28/what-happened-to-the-stock-market-on-monday-stocks-pop-to-start-the-week.html