Investors remained positive Monday, lifting major stock market indexes, up in the last hour and near the highs of the day. The Dow Jones Industrial Average held most of the morning gains, up 1.9% and over 500 points, while the S&P 500 surged 2.7%.
The Russell 2000 small-cap index continued to display unusual strength, up 3.2%, nearly matching the Nasdaq composite's 3.4% advance.
The tech-heavy Nasdaq 100-tracking Invesco QQQ Trust ETF gained 3.1%.
NYSE posted higher volume than the same time Friday while the Nasdaq sagged below that level.
Crude oil edged up 0.5% to $86.03 per barrel. The SPDR Select Energy ETF rose 1.7%. The 10-year Treasury note yield dropped to 3.96%, down seven basis points. Bitcoin gained 2.3% to $19,565.
Natural gas futures dropped to a 3-month low in the European Union, with the benchmark contract dropping 8% before a midday rebound.
The EU is proposing a temporary plan to cap gas prices in an attempt to curb price spikes. Natural gas prices have fallen 33% since the start of September.
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European markets rose, with the German DAX stock index 1.7% higher, Paris CAC 40 up 1.8% and London FTSE 100 rising 0.9% to start the week.
New U.K. Treasury Chief Jeremy Hunt said Monday he is reversing nearly all the government's proposed tax cuts and would propose an energy price cap in an attempt to calm world markets.
The October Empire State Manufacturing survey reported an eight point drop to -9.1 point. Consensus was for the index to come in at -1.8. Data from roughly 200 manufacturing executives produces a variety of economic indicators each month. The trend offers insight about the likely direction of the economy for the next six months.
Bank Stock Rises On Earnings Beat
Bank of America rose 5.6% after reporting a beat on both Q3 earnings per share and sales.
"Our U.S. consumer clients remained resilient with strong, although slower growing, spending levels and still maintained elevated deposit amounts," said CEO Brian Moynihan.
The move pushed shares above the 21-day exponential moving average.
Online broker Charles Schwab reversed morning gains, down 3.7%, after reporting a beat on Q3 EPS and sales. The financial giant boasted "strongest quarterly performance in company history."
Stock Market Movers: Deal News Makes Stock Pop
Roblox skyrocketed over 21% after releasing September metrics.
Renewable natural gas producer Archaea Energy soared over 52% after announcing being acquired by BP for approximately $26 per share, in a deal valued at approximately $4.1 billion. BP rose 1.5% on the news.
Continental Resources rallied 8.3% after entering into an agreement with Omega Acquisition, a private entity owned by Continental's founder, Harold Hamm.
Splunk gapped up 5.7% on news that activist investor Starboard Value took a nearly 5% stake.
Fox Corporation shed 6.5% after announcing a special committee to explore a potential combination with News Corporation . News Corp. owns Investor's Business Daily.
NWSA rose 7.6% on the news while FOXA is the S&P loser of the day, down over 8%.
IBD 50: Digital Advertiser Stock Strong
The Innovator IBD 50 ETF gained 2.1%, in line with the major stock market indexes.
CVR Energy CVI shot up 5.1% and is in a cup base with a 27.73 buy point. The company has a 98 Relative Strength Rating and a 96 Composite Rating.
Israel-based Perion Networks rose 0.9% on normal volume.
The digital advertising provider is ranked first in the Computer-Software Education/Media Group, which is 163rd out of 197 industry groups IBD ranks. The company holds a 96 EPS Rating and a 93 Relative Strength Rating.
The stock was featured in IBD's Screen of the Day last Wednesday.
World Wrestling Entertainment was up 0.9% and in the 5% buy zone of a cup base with a buy point of 75.33.
The media and entertainment company ranks first in the Diversified Media group, which is in the No. 85 spot out of 197 IBD industry groups. WWE has earned a 97 EPS Rating out of 99, a 96 Relative Strength Rating and a 95 Composite Rating.
SM Energy plunged 6.9% after lowering Q3 production volume estimates due to delayed well completions.
