Toward the end of trading Monday, the Dow traded up 2.17% to 22,106.93 while the NASDAQ rose 2.97% to 7,724.88. The S&P also rose, gaining 2.56% to 2,606.46.
The U.S. is now the epicenter of the coronavirus pandemic with the highest number of cases around the world. U.S. reported a total of 143,000 coronavirus cases with around 2,500 deaths. Italy reported a total of at least 97,600 confirmed cases and 10,700 deaths, while Spain confirmed a total of over 80,100 coronavirus cases. Mainland China reported 31 new cases on Sunday. In total, there are at least 732,100 cases of COVID-19 worldwide with over 34,600 deaths, according to data compiled by Johns Hopkins University.
Leading and Lagging Sectors
Information technology shares rose 3.5% on Monday. Meanwhile, top gainers in the sector included Benchmark Electronics, Inc. BHE, up 13%, and CEVA, Inc. CEVA, up 12%.
In trading on Monday, energy shares dipped 0.5%.
Top Headline
Cal-Maine Foods, Inc. CALM reported upbeat results for its third quarter on Monday.
Cal-Maine reported quarterly earnings of $0.28 per share on Thursday, which beat the analyst consensus estimate of $0.17 per share. The company reported quarterly sales of $345.6 million, which exceeded the analyst consensus estimate of $338.1 million.
Equities Trading UP
Owens & Minor, Inc OMI shares shot up 49% to $8.19. The company's CEO appeared on CNBC on Friday and indicated the company is expanding capacity to meet personal protective equipment demand.
Shares of Plus Therapeutics, Inc. PSTV got a boost, shooting 42% to $2.04 after the company announced it has entered into an agreement to license multiple rare cancer drug product candidates from NanoTx for an upfront payment of $400,000 in cash and $300,000 in stock.
SuperCom Ltd. SPCB shares were also up, gaining 147% to $1.2101 after the company announced it has shipped Coronavirus quarantine compliance technology for an immediate pilot.
Equities Trading DOWN
TEGNA Inc. TGNA shares tumbled 19% to $10.72 following media reports that Apollo is no longer pursuing acquisition of Tegna.
Shares of Western Asset Mortgage Capital Corporation WMC were down 34% to $2.6350.
U.S. Gold Corp. USAU was down, falling 26% to $5.17 after the company reported a $2 million registered direct offering.
Commodities
In commodity news, oil traded down 9.3% to $19.51, while gold traded down 1.1% to $1,635.50.
Silver traded down 3.2% Monday to $14.065, while copper fell 0.8% to $2.1545.
Euro zone
European shares were mostly higher today. The eurozone’s STOXX 600 rose 1.28% the Spanish Ibex Index fell 1.74%, while Italy’s FTSE MIB Index rose 0.3%. Meanwhile, the German DAX gained 1.9%, and the French CAC 40 rose 0.62% while UK shares rose 0.97%.
Economics
The pending sales index increased 9.4% year-over-year in February, versus a revised 5.8% gain in January.
The Dallas Fed manufacturing index declined to a reading of -70 in March, versus 1.2 in the earlier month.
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