U.S. stocks finished with broad gains as investors wound down a volatile month and ahead of another busy week for earnings and jobs data.
The Nasdaq Composite took the lead rising 3.4% as Tesla and Netflix led the gains.
The Dow Jones Industrial Average rose over 406 points or 1.1%, reversing morning losses and the S&P 500 gained 1.9%.
Despite the rally, the S&P 500 clocked its worst month since March of 2020 down 5.3%, the Nasdaq lost 9% and the Dow 3%.
Boeing rose after announcing a new $6.8 billion order from Qatar Airways for GE9X engines as part of its global launch order of up to 50 Boeing 777-8 Freighters. The commitment, which includes 34 firm 777-8 orders and an additional 16 purchase right options, also includes GE90 engines for an additional order of two Boeing 777 Freighters.
Moderna also rose after the Food and Drug Administration fully cleared is COVID-19 use for individuals 18 and over. Prior to, the vaccine was being administered via emergency use classification.
Deal-making was active Monday with Sony Interactive announcing plans to buy Bungie, the maker of the Halo and Destiny titles, for $3.6 billion. This follows Microsoft’s $69 billion purchase of Activision.
Also, Citrix Systems confirming it will go private in a deal valued at $16.5 billion as Evergreen Coast Capital Corporation, an affiliate of Elliott Investment Management L.P and Vista Equity Partners, acquire the company.
Blackberry is selling the majority of its patents tied to a legacy smartphone arm for $600 million to Catapult IP Innovations.
And J.B. Hunt Transport Services Inc is buying Bassett Furniture Industries, Inc.’s Zenith Freight Lines, in a deal valued at $87 million.
In earnings news, Cirrus Logic and NXP Semiconductor are set to report on Monday.
Later in the week tech will be in focus with Amazon, Google, and Meta Platforms, formerly Facebook, set to report.
Sony Pictures’ “Spider-Man: No Way Home” grossed $11 million over the weekend, according to studio estimates Sunday, bringing its domestic total to $735.9 million. The Marvel hit has accounted for a huge percentage of the month’s ticket sales.
In commodities, oil hovered around the $87 per barrel level ahead of OPEC’s meeting this week.
Asian stocks followed Wall Street higher Monday at the start of a week when China, South Korea and Southeast Asian markets will close for the Lunar New Year holiday.
The major cryptocurrencies – Bitcoin, Ethereum and Dogecoin were all down.
