NASDAQ ended substantially high on Monday after Twitter agreed to be bought out by entrepreneur Elon Musk, spurring a late-day spike in growth stocks.
After Musk finally bought Twitter, the social media giant’s stock rose 5.6 percent, due to being confirmed that the world’s richest person will now have ownership of the company.
The Dow Jones Industrial Average.DJI finished the day with a rise of 0.7 percent, and closed at 34,049.46 points, while the S&P 500.SPX jumped 0.57 percent to 4,296.12.
Similarly, the Nasdaq Composite Index (.IXIC) increased by 1.29 percent to 13,004.85.
Dennis Dick, a trader at Bright Trading LLC, said “You can tell growth wanted to rally all day but the market was holding it down. The Twitter news came and that was just a green light to start buying some of the growth names. They have been oversold for a while.”
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