NEW YORK - The Nasdaq surged to a record high close on Monday as a rebound in multi-billion-dollar deals, including Microsoft's pursuit of TikTok's US operations, lifted sentiment, and efforts to hammer out a coronavirus relief bill resumed.
Varian Medical Systems Inc jumped 22% after a $16 billion buyout by Germany's Siemens Healthineers, while Kansas City Southern gained after a report a group of buyout investors were considering a takeover bid in a deal of about $20 billion. The S&P 500 information technology index jumped 2.5%, far outpacing other sector indexes. Congressional Democrats and Trump administration officials resumed talks aimed at hammering out a coronavirus relief bill after missing a vital deadline to extend relief benefits to tens of millions of jobless Americans.
The Dow Jones Industrial Average rose 0.89% to end at 26,664.4 points, while the S&P 500 gained 0.72% to 3,294.61. The Nasdaq Composite climbed 1.47% to 10,902.80, beating its previous record high close on July 20.
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