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Stocks End Higher - Nasdaq Jumps as Tech Leads the Way

The Dow was flat and the S&P 500 rose on Monday. The Nasdaq Composite jumped as Amazon and techs led the way.

Stocks were broadly higher Monday as Wall Street came off its third straight week of gains and investors turned their attention to a flurry of earnings reports.

Investors also assessed promising data from an early stage trial of a key coronavirus vaccine study from Oxford University and AstraZeneca  (AZN) - Get Astrazeneca PLC Sponsored ADR Report.

The Dow Jones Industrial Average closed up nearly 9 points, or 0.03%, to 26,680, and the S&P 500 rose 0.84%.

The Nasdaq Composite leaped 2.51%, getting a boost from Amazon.com (AMZN) - Get Amazon.com, Inc. Report, which was up 8%.

Internet and cloud software growth companies were registering large gains on the Nasdaq, including Zoom  (ZM) - Get Zoom Video Communications (ZM) Report, Peloton  (PTON) - Get Peloton Interactive, Inc. Class A Report, and Fastly  (FSLY) - Get Fastly, Inc. Class A Report.

The Dow gained 2.3% last week, the S&P 500 rose 1.3% and the Nasdaq declined 1.1%.

While equities have been rising in recent weeks, concern about the health of the U.S. economy as the coronavirus pandemic worsens has persisted. 

The U.S. has 3,804,907 cases of the coronavirus, the most in the world, according to Johns Hopkins University. Deaths in the U.S. have risen to 140,811, also the most in the world.

Los Angeles Mayor Eric Garcetti said the city opened too quickly and may be on the brink of new restrictions as coronavirus cases continue to spike. Another stay-at-home order was an option, Garcetti told CNN.

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The vaccine data from AstraZeneca, published in the U.K. medical journal The Lancet, showed humoral and cellular immune responses in a human trial with an acceptable safety profile. The study also showed "potent" cellular and humoral immunogenicity in all 1,077 participants in the Phase I/II study.

AstraZeneca's American depositary receipts declined 4%.

President Donald Trump on Monday was meeting with House Minority Leader Kevin McCarthy and Senate Majority Leader Mitch McConnell to discuss what would be the fifth coronavirus aid bill.

Chevron  (CVX) - Get Chevron Corporation Report said Monday it reached an agreement to buy Noble Energy  (NBL) - Get Noble Energy, Inc. (NBL) Report for $5 billion in stock in what marks the biggest oil-patch tieup since the coronavirus pandemic began four months ago.

Chevron will buy Noble for stock valuing Noble at $10.38 a share. At that level, the deal represents a roughly 7.6% premium over Noble’s closing price Friday of $9.65 and a nearly 12% premium based on a 10-day average.

Noble Energy finished 5.4% higher at $10.18.

Halliburton  (HAL) - Get Halliburton Company (HAL) Report posted a narrower-than-expected second-quarter loss but still saw revenue at less than half the year-earlier total as the coronavirus pandemic crippled crude drilling projects in key markets around the world.

International Business Machines  (IBM) - Get International Business Machines (IBM) Report is scheduled to report earnings after the closing bell Monday.

Reports later this week are expected from the likes of Microsoft  (MSFT) - Get Microsoft Corporation (MSFT) Report, Tesla  (TSLA) - Get Tesla Inc Report, Coca-Cola  (KO) - Get Coca-Cola Company Report, Lockheed Martin  (LMT) - Get Lockheed Martin Corporation (LMT) Report and United Airlines  (UAL) - Get United Airlines Holdings, Inc. Report.

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