Toward the end of trading Monday, the Dow traded up 1.18% to 33,542.88 while the NASDAQ rose 1.7% to 13,709.47. The S&P also rose, gaining 1.46% to 4,078.58.
The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 30,706,120 cases with around 555,000 deaths. Brazil reported over 12,984,950 COVID-19 cases with 331,430 deaths, while India confirmed a total of at least 12,589,060 cases and 165,100 deaths. In total, there were at least 131,370,250 cases of COVID-19 worldwide with more than 2,854,150 deaths, according to data compiled by Johns Hopkins University.
Leading and Lagging Sectors
Consumer discretionary shares rose 2,5% on Monday. Meanwhile, top gainers in the sector included Leaf Group Ltd. (NYSE: LEAF), up 21%, and Bluegreen Vacations Holding Corporation (NYSE: BVH), up 18%.
In trading on Monday, energy shares fell 2.5%.
Top Headline
The ISM services PMI climbed to record high level of 63.7 in March from 55.3 in February. However, analysts were expecting a reading of 59.
Equities Trading UP
Leaf Group Ltd. (NYSE: LEAF) shares shot up 21% to $8.53 as the company agreed to be acquired by Graham Holdings Company for $8.50 per share in all-cash transaction valued at $323 million.
Shares of Chembio Diagnostics, Inc. (NASDAQ: CEMI) got a boost, shooting 57% to $5.53 after the company announced the commercial launch of a test to differentiate between COVID-19 and the Flu.
Nano-X Imaging Ltd. (NASDAQ: NNOX) shares were also up, gaining 18% to $48.90 after the company announced on Friday its single-source Nanox.ARC digital x-ray technology has received 510(k) clearance from the FDA.
Check out these big movers of the day
Equities Trading DOWN
Molecular Templates, Inc. (NASDAQ: MTEM) shares tumbled 25% to $9.31 after the company decided to discontinue the development of MT-3724, its only first-generation engineered toxin bodies (ETB), and focus its resources on the development of next-generation ETBs.
Shares of ACADIA Pharmaceuticals Inc. (NASDAQ: ACAD) were down 17% to $21.16 after the FDA issued a Complete Response Letter (CRL) to Acadia Pharmaceuticals regarding its supplemental marketing application for Nuplazid (pimavanserin) for the treatment of hallucinations and delusions associated with dementia-related psychosis (DRP).
Ikena Oncology, Inc. (NASDAQ: IKNA) was down, falling 9% to $23.75. The company, last month, priced its IPO at $16 per share.
Commodities
In commodity news, oil traded down 4.5% to $58.66, while gold traded down 0.1% to $1,726.90.
Silver traded down 1% Monday to $24.705 while copper rose 3.7% to $4.1385.
Euro zone
European markets were closed on Easter Monday.
Economics
The IHS Markit services PMI was revised higher to 60.4 in March from a preliminary reading of 60.0.
US factory orders fell 0.8% for February.
The ISM services PMI climbed to 63.7 in March from 55.3 in February.
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