Stocks rallied on Monday following the second-worst week of the year in which the S&P 500 fell 1.4%.
Here’s the scoreboard:
- Dow: 21,989.53, +131.21, (0.60%)
- S&P 500: 2,464.61, +23.29, (0.95%)
- Nasdaq: 6,334.20, +77.65, (1.24%)
- Merck CEO Kenneth Frazier resigned from President Donald Trump’s manufacturing council after the president did not explicitly condemn white supremacists in a Saturday statement. “As CEO of Merck, and as a matter of personal conscience, I feel a responsibility to take a stand against intolerance and extremism,” Frazier said following violent protests in Charlottesville over the weekend.
- VF Corp, the owner of Vans, is buying the maker of Dickies for about $US820 million in cash. VF said it now expects its 2017 revenue to rise 3.5% to $US11.85 billion, which includes about $US200 million from Williamson-Dickie.
- Snap gained as much as 7% right before shares held by company insiders become available for trading for the first time. The newest so-called lockup expires Monday.
- Nvidia spiked after a top analyst raised his price target on the stock. Canaccord Genuity’s Matthew Ramsey lifted his price target to $US190 a share and said the post-earnings sell-off was the “pullback that folks have been waiting for…”