U.S. indices advanced again on Monday, continuing a months-long rally as they emerged from a long holiday weekend. Rip-roaring Chinese markets helped encourage the Wall Street gains.
The Shanghai Composite surged an incredible 5.7% on Monday as China’s state-run media began urging investors to get back into the market.
In the U.S., tech stocks were largely the stars — yet again — to start the week. Amazon (ticker: AMZN) shares rose 5.8%, trading at over $3,000 a pop, while Netflix ( NFLX) set a new closing record after shares jumped 3.6% to close within $7 of the $500 level.
The Dow Jones Industrial Average finished up 459 points, or 1.8%, to close at 26,287. The tech-heavy Nasdaq finished at a record closing high, adding 2.2% and ending the day at 10,433.
Berkshire Hathaway makes modest $10 billion acquisition. Warren Buffett’s sprawling Berkshire Hathaway ( BRK-A) conglomerate is spending $4 billion to buy certain natural gas assets of energy company Dominion Energy ( D), including about $5.7 billlion in Dominion Energy’s debt, coming to a deal nearly worth $10 billion in a cash transaction. The Virginia-based company is the newest addition to the Berkshire Hathaway portfolio since 2016, adding to its natural gas assets.
Following the news of the deal, Dominion’s shares fell nearly 11% on Monday.
The purchase, of Dominion’s natural gas transmission and storage facilities, is Buffett’s largest purchase since the start of the pandemic.
Uber acquires Postmates. Uber Technologies ( UBER) announced it bought Postmates on Monday in a $2.65 billion all-stock agreement. This purchase comes after a failed attempt by Uber to eke out a deal for Grubhub. With this purchase, Uber hope to increase its competition against Doordash, one of the leading players in the field.
The acquisition hopes to boost Uber Eats’ growth as the delivery of food, groceries and other essentials steadily becomes a larger part of modern life. Postmates has strong relationships with local small- and medium-sized restaurants with loyal customer bases, according to a press release.
Tesla rallies, again. Telsa ( TSLA) shares continued rocketing higher on Monday following JMP securities projecting $100 billion in revenue by 2025. The stock surged 13.5% to finish at $1,371.58.
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China Stocks Surge; Tesla Keeps Soaring originally appeared on usnews.com
