Wall Street closes broadly higher on deal news, Covid-19 vaccine hopes

NEW YORK - US stocks ended sharply higher on Monday as signs of progress in developing a Covid-19 vaccine and a spurt of multibillion-dollar deals lifted investor optimism.

"The market loves anything with a vaccine because that is the ultimate solution here. And we'll see more and more headlines," on that going forward, said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. The Philadelphia SE chip index rose 2.1%. Oracle gained 4.3% as the cloud services company said it would team up with China's ByteDance to keep TikTok operating in the United States, beating Microsoft Corp in a deal structured as a partnership rather than an outright sale.

Seattle Genetics gained 14.5% after Merck & Co Inc said it would buy a $1 billion stake in the smaller drugmaker to co-develop and sell its cancer therapy. Tesla Inc's shares rebounded 12.6% after losses last week.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

His businesses went south during COVID-19, but he still set up a social enterpriseThe Social Kitchen’s Alvin Yapp believes in helping others even while fighting for his own companies’ survival.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »