Mid-Afternoon Market Update: Dow Jumps Over 500 Points; Lydall Shares Spike Higher

Toward the end of trading Monday, the Dow traded up 1.71% to 33,857.87 while the NASDAQ rose 0.63% to 14,119.16. The S&P also rose, gaining 1.28% to 4,219.92.

The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 33,541,990 cases with around 601,820 deaths. India confirmed a total of at least 29,935,220 cases and 388,130 deaths, while Brazil reported over 17,927,920 COVID-19 cases with 501,820 deaths. In total, there were at least 178,513,810 cases of COVID-19 worldwide with more than 3,866,730 deaths, according to data compiled by Johns Hopkins University.


Leading and Lagging Sectors


Energy shares surged by 4.1% on Monday. Meanwhile, top gainers in the sector included Torchlight Energy Resources, Inc. TRCH, up 57%, and PEDEVCO Corp. PED, up 15%.


In trading on Monday, communication services shares rose by just 0.7%.


Top Headline

CNH Industrial N.V. CNHI announced plans to acquire Raven Industries, Inc. RAVN for $58 per share in cash.

 


Equities Trading UP


Lydall, Inc. LDL shares shot up 86% to $61.82 after the company agreed to be acquired by Unifrax for $61.10 per share.


Shares of Torchlight Energy Resources, Inc. TRCH got a boost, shooting 57% to $9.85 after the company provided a business update on its proposed business combination timing and payment date for its preferred stock dividend.


Raven Industries, Inc. RAVN shares were also up, gaining 50% to $57.76 after CNH Industrial announced it will acquire the company for $58 per share in cash.

Check out these big movers of the day


Equities Trading DOWN

AiHuiShou International Co. Ltd. RERE shares tumbled 14% to $14.80. AiHuiShou International, last week, priced its IPO at $14 per share.

Shares of Aptevo Therapeutics Inc. APVO were down 15% to $23.34.

Tarsus Pharmaceuticals, Inc. TARS was down, falling 16% to $29.21 after the company reported topline data from Phase 2b/3 Saturn-1 trial evaluating TP-03 (lotilaner ophthalmic solution, 0.25%) in patients with Demodex blepharitis.

Commodities


In commodity news, oil traded up 2.6% to $73.48, while gold traded up 0.9% to $1,784.70.


Silver traded up 0.4% Monday to $26.065 while copper rose 0.61% to $4.1825.


Euro zone

European shares closed higher today. The eurozone’s STOXX 600 gained 0.70%, the Spanish Ibex Index rose 0.23% and the German DAX 30 gained 1%. Meanwhile, the London’s FTSE 100 rose 0.64%, French CAC 40 rose 0.51% and Italy’s FTSE MIB gained 0.71%.


Economics

The Chicago Fed National Activity Index rose to 0.29 in May versus a revised reading of -0.09 in April.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsPenny StocksEurozoneCommoditiesSmall CapGlobalIntraday UpdateMarketsMid-Afternoon Market Update
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!