- US stocks flipped higher, leading the S&P 500 and the Dow Jones Industrial Average to snap a losing streak.
- Global growth concerns weighed on the market as China's capital Bejing faced a potential COVID lockdown.
- Twitter shares closed 5.6% higher after Elon Musk struck a deal to take the company private.
US stocks ended in positive territory Monday, with a turnaround in technology shares taking place before Twitter accepted a $44 billion buyout deal from billionaire investor Elon Musk.
The Dow Jones Industrial Average and the S&P 500 veered from a potential fourth session of losses, with help from Microsoft as the company prepares to release quarterly earnings on Tuesday.
Twitter shares were in the spotlight as its board said it agreed to a $44 billion takeover offer from Elon Musk, or $54.20 per share. The stock closed at $51.70, up 5.66%.
The S&P 500 Energy sector put in the day's worst performance by losing 4%. The group was dragged by a selloff in oil prices as China's capital Beijing faced a potential lockdown as COVID cases rise. More lockdowns in China would put further pressure on the world's second-largest economy.
Here's where US indexes stood at 4:00 p.m. on Monday:
- S&P 500: 4,296.12, up 0.57%
- Dow Jones Industrial Average: 34,049.46, up 0.7% (238.06 points)
- Nasdaq Composite: 13,004.85, up 1.29%
Oil demand from China, the world's largest crude importer was set to drop by 20% this month, which would mark China's biggest oil-demand shock since the coronavirus outbreak began, according to Bloomberg.
The S&P 500 was working on coming back from its 2.8% slump last week. JPMorgan analyst Marko Kolanovich said Monday stocks are set to bounce back this week, aided by the return of corporate buybacks and favorable seasonal trends.
Elsewhere around the markets, Kohl's shares gained following a New York Post story saying the apparel and housewares retailer received an $8.6 billion buyout bid from the companies that own rival retail JCPenney.
Energy historian Daniel Yergin said a ban on Russian crude is the EU's easiest choice among a range of tough options on sanctions. Meanwhile, palm oil prices soared after Indonesia said it will ban exports of the commodity to bring down domestic prices.
"Big Short" investor Michael Burry quit Twitter again and complained he warned people that stocks would tumble.
Oil prices dropped, but pared some of the day's losses. West Texas Intermediate crude fell 2.9% to $99.14 per barrel. Brent crude, the international benchmark, lost 3.6% to $102.56.
Gold lost 1.7% to $1,900.60 per ounce. The 10-year yield fell 8 basis points to 2.81%.
Bitcoin fell 1.8% to $39,887.54