US STOCKS-Wall Street climbs on merger deals, vaccine hopes

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<br>By Medha Singh and Devik Jain<br> <br>Sept 14 (Reuters) – Wall Street’s major indexes climbed on Monday on a boost from technology stocks while signs of progress in developing a COVID-19 vaccine and a spurt of multi-billion dollar deals also brightened the mood.<br> <br>Nvidia Corp jumped 9.0% on plans to buy UK-based chip designer Arm from Japan’s SoftBank Group Corp for as much as $40 billion, in a deal set to reshape the global semiconductor landscape.<br> <br>The Philadelphia SE chip index rose 2.6%.

The tech index added 2.4%, more than any other major S&P sector.<br> <br>Oracle surged 4.3% to near record highs after sources told Reuters that the cloud services firm beat Microsoft in the battle for the U.S. arm of TikTok with a deal structured as a partnership to navigate geopolitical tensions.<br> <br>Microsoft Corp erased premarket losses to rise 1.7%.<br> <br>”Wall Street always rewards growth,” said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh.<br> <br>”That’s why these deals are exciting, because if you put two companies together, by definition, you’re going to have inorganic growth, but you’re going to see growth.”<br> <br>The S&P 500 is coming off of two straight weeks of losses as investors sold heavyweight technology shares that had powered the benchmark index to record highs in a dramatic recovery from its March lows.<br> <br>On Monday, Amazon.com rose about 1.6% after the online shopping giant said it is hiring 100,000 more workers in its latest job spree for the United States this year – to keep pace with e-commerce demand that jumped during the pandemic.<br> <br>Apple Inc, Facebook.com and Google-parent Alphabet Inc rose between 1.4% and 3%.<br> <br>At 9:51 a.m.

ET, the Dow Jones Industrial Average was up 266.26 points, or 0.96%, at 27,931.90, the S&P 500 was up 45.18 points, or 1.35%, at 3,386.15. The Nasdaq Composite was up 214.34 points, or 1.97%, at 11,067.89.<br> <br>Global equities also got a lift on Monday after drugmaker AstraZeneca resumed its British clinical trials of its COVID-19 vaccine, one of the most advanced in development.<br> <br>Pfizer Inc gained 1.1% after the drugmaker and German biotech firm BioNTech SE proposed to expand their Phase 3 pivotal COVID-19 vaccine trial to about 44,000 participants.<br> <br>Later this week investors will focus on the Federal Reserve’s last policy meeting before the Nov.

3 U.S. presidential elections.<br> <br>Gilead Sciences Inc slipped 1.1% as it said will acquire biotech company Immunomedics Inc for $21 billion, a move that will strengthen its cancer portfolio by gaining access to a promising drug.<br> <br>Shares of Immunomedics more than doubled in value.<br> <br>Advancing issues outnumbered decliners by a 5.19-to-1 ratio on the NYSE and by a 4.59-to-1 ratio on the Nasdaq.<br> <br>The S&P index recorded eight new 52-week highs and bokep gay terbaru no new low, while the Nasdaq recorded 26 new highs and 10 new lows.

(Reporting by Medha Singh and Devik Jain in Bengaluru; Editing by Saumyadeb Chakrabarty and Maju Samuel)<br>

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