Stocks rose sharply yesterday as Wall Street built on strong gains from the previous session amid hope for a new deal on U.S. fiscal stimulus and several corporate deals being struck.
Investors also cheered a slew of corporate deal making activity. Devon Energy and WPX Energy announced they will move forward with a merger of equals, sending their stocks sharply higher. Meanwhile shares of the two mining companies Cleveland-Cliffs and ArcelorMittal shot higher after Cleveland-Cliffs agreed to buy ArcelorMittal’s U.S. operations for $1.4 billion. The deal, which is expected to close in the fourth quarter of 2020, will make Cleveland-Cliffs the largest flat-rolled steel producer in North America.
Amazon is aiming to kickstart the holiday shopping season early this year. The company is holding its annual Prime Day over two days in October this year, after the pandemic forced it to postpone the sales event from July. It’s the first time Prime Day is being held in the fall, and Amazon is positioning it as a way to get people to start their holiday shopping. Even before Amazon’s announcement Monday, major retailers have said they plan to push shoppers to start their holiday shopping in October and offer deals earlier, hoping to avoid crowds in their stores in November and December.
With Northwest Quadrant Wealth Management, I’m Tyler Simones