Stocks started the week off on an auspicious note Monday, with all three major U.S. indices up between 1.5% and 1.9%.
The Dow Jones Industrial Average had strung together four straight weeks of losses entering Monday’s session, so markets are still comfortably below recent highs reached on Sept. 2.
Volatility has reigned supreme in September, and with U.S. elections mere weeks away, it’s likely that more short-term gyrations lie ahead.
The Dow rose 410 points, or 1.5%, to finish at 27,584 on Monday.
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Virgin Galactic stock takes off. Shares of commercial space company Virgin Galactic Holdings (ticker: SPCE) soared on Monday, jumping 24.8%. A new Wall Street analyst report was behind the day’s gains, as Bank of America initiated coverage of the stock with a “buy” rating and a $35 price target.
Even though Virgin Galactic hasn’t yet taken any commercial passengers to space, Bank of America is bullish, noting that SPCE will likely be able to commence operations in early 2021 — an earlier timeline than previously expected.
Bank of America also says investors shouldn’t discount the long-term potential of Virgin Galactic to offer hypersonic travel on earth itself, speeding up routine travel on Earth itself.
K-pop IPO. Korean pop music, or K-pop, has grown to become a bit of a global phenomenon in recent years. Smelling an opportunity, the management company behind one of K-pop’s biggest groups, BTS, will tap public markets in October.
Big Hit Entertainment priced its IPO at the highest end of its price range, setting an IPO price of 135,000 won, or roughly $115 per share when it goes public on the Korean stock exchange. The debut is expected to raise more than $820 million in funds and value the company at $4.1 billion.
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Big Hit Entertainment’s K-Pop IPO, Virgin Galactic Soars originally appeared on usnews.com
