The Dow closed 327.69 points higher, or 1.18%, at 27,993.33. The S&P 500 rallied 1.27% to 3,383.54. The Nasdaq Composite advanced 1.87% to 11,056.65. A flurry of corporate deals and renewed hope around a coronavirus vaccine led to a broad market rally on Monday.
Nvidia said it was buying chipmaker Arm Holdings from SoftBank for $40 billion. Nvidia will finance the deal through a combination of cash and common stock. ByteDance rejected Microsoft's bid to buy TikTok's U.S. operations. Instead, ByteDance has chosen Oracle to be TikTok's U.S. technology partner, and Oracle will take a significant stake in the business. Gilead said it will acquire Immunomedics to expand its cancer treatments for $21 billion, leading Immunomedics stock to double in value.
Apple shares climbed 3%, leading the 30-stock Dow higher. Tesla popped 12% as the broader tech sector rallied. The stock also got a boost from comments made by a Goldman Sachs analyst. Chipmakers also rallied, with Nvidia surging 5.8%. Micron, Skyworks Solutions and AMD also advanced.
The Federal Reserve is set to kick off a two-day policy meeting on Tuesday. Industrial production numbers along with import and export data are scheduled for release.
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