Oracle was up 4.3% after the software maker beat Microsoft to become the “trusted technology provider” of Chinese-owned video app TikTok. The deal still requires approval from the Trump administration, which deemed TikTok a security risk and called for its sale to a US owner.
In other deals, Gilead has agreed to buy Immunomedics for $ 21 billion. Verizon bought Tracfone for $ 6.25 billion and Alibaba invested $ 4 billion in Grab.
The S&P 500 gained at 3,383.54. This reversed some of the index’s 2.5% drop last week, the largest weekly drop since June.
The Dow Jones Industrial Average rose 1.2% to 27,993.33. The Nasdaq, which includes many tech stocks, gained 1.9% to 11,056.65.
The strong start to this week is a reversal after the decline in high-flying tech stocks that many analysts said was lagging behind.
AstraZeneca added 0.5% after the weekend announcement that clinical trials for its coronavirus vaccine will resume after a reported side effect in a British patient. The vaccine is considered to be one of the strongest contenders among the dozen vaccines tested.
In energy markets, benchmark US crude oil for October delivery gained 1 cent to $ 32.27 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 7 cents on Monday to $ 32.26. Brent crude for November delivery lost 2 cents to $ 39.59 a barrel in London. The contract fell 22 cents in the previous session, to $ 39.61.