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Wall Street Opens Higher as Rebound Continues; Dow up 335 Points

Stock MarketsSep 28, 2020 09:46AM ET
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© Reuters.

By Geoffrey Smith 

Investing.com -- U.S. stock markets started the new week where they left off with the old one, rallying hard on the perception that the September sell-off has gone too far, too fast - albeit with little in the way of fundamental news to support much movement one way or the other over the weekend.

By 9:40 AM ET (1340 GMT), the Dow Jones Industrial Average was up 338 points, or 1.2%, at 27.512 points. The S&P 500 and the NASDAQ Composite were both up 1.3%.

On a quiet day for economic data, attention is sliding more and more to the looming presidential election, which is now less than six weeks way. .The two candidates, Joe Biden and Donald Trump, hold their first debate on Tuesday, Biden having gained a nice attack line over the weekend with the New York Times's disclosure of Trump's tax returns. While the disclosure said little of substance that wasn't already widely known or assumed to be true, it underlined Trump's chronic lack of business success in any activity other than his career as a TV reality show host.  

Andreas Steno Larsen, a strategist with Nordea, noted that the traditional underperformance of equities ahead of the election is to be expected again this year.

"As the uncertainties are even larger than usually this time, the case for equity underperformance ahead of the vote is strong, while a clear result in early November would open the door higher for equities again, Larsen wrote in a note to clients.

The market was supported at the margins by some merger and acquisition activity that fed a narrative that corporates will continue to adapt to the changing circumstances and take advantage of the opportunities created by the market sell-off this year.

Devon Energy (NYSE:DVN) stock rose 3.4% and WPX Energy (NYSE:WPX) stock rose 4.7% after Devon announced an all-share offer for its rival, a move that will enable the two to operate more efficiently without Devon having to spend precious cash. 

In the same vein, bank stocks all rose on hopes that the Federal Reserve will not extend its current restrictions on stock buybacks at a meeting later Monday. Morgan Stanley (NYSE:MS) stock rose 2.8%. while JPMorgan  (NYSE:JPM) stock rose 1.5% and Goldman Sachs (NYSE:GS) rose 1.9%. Citigroup (NYSE:C) stock, which had fallen nearly 20% over the last month, rose 3.1%.

Meanwhile Caesars Entertainment (NASDAQ:CZR) fell 2.0%, even after it announced a bid for U.K. William Hill  (OTC:WIMHY) that, at $3.7 billion, was less than speculated on Friday, when news broke that William Hill had held talks both with Caesars and private equity house Apollo Global Management (NYSE:APO).

ADRs in Diageo (NYSE:DEO), the world's biggest liquor company, rose over 6% to their highest in nearly three weeks after it noted that sales had improved recently - although it noted that the latest turn for the worse with the pandemic was still a threat to its outlook.

Wall Street Opens Higher as Rebound Continues; Dow up 335 Points
 

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Comments (13)
Andrew carson
Andrew carson Sep 28, 2020 12:46PM ET
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A rebound even with the same issues persisting from weeks past.
Raksaksa Tonne
Raksaksa Tonne Sep 28, 2020 12:35PM ET
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Why didn't this article ascribe the market's rise to Trump's likely demise at the polls?
king michael
king michael Sep 28, 2020 12:32PM ET
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For Powell to keep his job, he has to do whatever to below the market bubble bigger. Once the bubble break, there will no longer of "middle class", but poor and the 0.01% top riches. Powell does not care his reputation in history at all.  The most boneless and ignorant FED chair so far in US history.
Pat Mathieu
Pat Mathieu Sep 28, 2020 11:37AM ET
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idk what kid wrote this article but I wish I had "Trump's chronic lack of success in business"
Bellal Hossien
Bellal Hossien Sep 28, 2020 11:21AM ET
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Hallo
Swapan Bapari
Swapan Bapari Sep 28, 2020 11:17AM ET
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hollo
Swapan Bapari
Swapan Bapari Sep 28, 2020 11:16AM ET
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hollo
Abdul Sawe
Abdul Sawe Sep 28, 2020 10:54AM ET
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so poa
Thom Miller
Thom Miller Sep 28, 2020 10:51AM ET
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In response to Trump’s unsolicited offer to take a drug test before or after Tuesday’s debate, Joe Biden had this to say: “We’d expect nothing less from Donald Trump, who p/i/s/s/e/d away the chance to protect the lives of 200,000 Americans when he didn’t make a plan to stop Covid-19.”
Scott Espeseth
Scott Espeseth Sep 28, 2020 10:03AM ET
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"...albeit with little in the way of fundamental news to support much movement one way or the other over the weekend." Okayyyy...sooo translation: HOPE Hope is for Amateurs - Scott Espeseth
rifaz ramdhan sunarya
rifaz ramdhan sunarya Sep 28, 2020 10:03AM ET
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scam or legit
Marco Ferreira
Marco Ferreira Sep 28, 2020 9:56AM ET
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Chicken flight
Leon Kelly
Leon Kelly Sep 28, 2020 9:50AM ET
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jinxed
Елена Асенова
Елена Асенова Sep 28, 2020 9:50AM ET
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noou
Edward Chong
Edward Chong Sep 28, 2020 9:50AM ET
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back on track.
Leon Kelly
Leon Kelly Sep 28, 2020 9:50AM ET
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