Stocks Jumped at Open Following Global Equities

U.S. stocks jumped at open on Monday, following global equities higher. The Dow Jones Industrial Average lately rose 442.97 points, or 1.63%, to 27,616.93. The S&P 500 was up 50.02 points, or 1.52%, to 3,348.48. The Nasdaq Composite gained 169.66 points, or 1.55%, to 11,083.22.

Crude-oil futures on Monday were edging modestly higher, reversing some earlier weakness that had been sparked by growing concerns about the impact of rising coronavirus cases throughout the globe. West Texas Intermediate crude for November delivery was trading 10 cents, or 0.3%, higher at $40.35 a barrel. Front-month November Brent traded 9 cents, or 0.2%, higher at $42.01 a barrel.

U.S. oil and gas producer Devon Energy Corp (DVN) said on Monday it will buy Permian basin peer WPX Energy Inc (WPX) for $2.56 billion as it looks to scale up its presence in the Delaware portion of the prolific shale field.