Stocks Jumped at Open, Tracked Global Equities Higher

U.S. stocks jumped at open on Monday, tracked global equities higher, with stocks in Europe and Asia gaining after an editorial in China’s state-run media outlet the Securities Times suggested the country prioritize fostering a “healthy” bull market after the pandemic. The Dow Jones Industrial Average lately rose 342.90 points, or 1.33%, to 26,170.26. The S&P 500 gained 41.62 points, or 1.33%, to 3,171.63. The Nasdaq Composite advanced 162.35 points, or 1.59%, to 10,369.98.

Crude-oil futures on Monday were trading mixed, with the U.S. oil moves influenced by a evidence of growing cases of coronavirus and Brent at least partly lifted by enthusiasm over the perceived recovery from the pandemic in China. West Texas Intermediate crude for August was up 11 cents, or 0.3%, at $40.76 a barrel. Brent oil for September rose 54 cents, or 1.2%, at $43.33 a barrel.

Uber today announced that it has acquired Postmates in a $2.65 billion, all-stock deal. It plans to run the business alongside its own food delivery business, Uber Eats, keeping the Postmates app running while merging some of the tech and delivery operations at the back end.