Wall Street rose on Monday, with the Nasdaq ending sharply higher after Twitter agreed to be bought by billionaire Elon Musk, sparking a late day rally in growth stocks.
Twitter ended up 5.6 percent after announcing it would be bought by Musk in a deal that will shift control of the social media giant to the world’s richest person.
The S&P 500 traded in negative territory for much of the session but extended gains after Twitter’s announcement. The S&P 500 growth index ended up over 1 percent, also bouncing back from an earlier decline.
“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,” said Dennis Dick, a trader at Bright Trading LLC.
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