LONDON: U.S. stocks rose sharply, rebounding from last week’s losses, buoyed by a spate of deal announcements in the health-care sector.
The Dow Jones Industrial Average gained 263.65 points, or 1.5%, to 17976.31, while the S&P 500 rose 25.22 points, or 1.2%, to 2086.24. The Nasdaq Composite climbed 56.22 points, or 1.15%, to 4947.44.
Shares of UnitedHealth Group Inc. posted some of the biggest gains of Dow components on Monday, rising 2.5%. The health-care company said it would acquire pharmacy-benefit manager Catamaran Corp. for about $12.8 billion in cash. Catamaran shares soared 24%.
“You kicked off with all those biotech deals this morning,” helping to drive Monday’s gains, said Michael Antonelli, sales trader at Robert W. Baird. He said some buyers stepped in following last week’s slide. “We got a little oversold going into month end,” he said.
