Stocks reversed losses on Monday, with all three major benchmarks ended the session in the green, as technology names staged a large afternoon rally. The Dow Jones Industrial Average bounced from a nearly 500 point intraday loss, rising over 200 points on Monday, while the S&P 500 Index and Nasdaq Composite climbed about 0.7% and 1.3% higher, respectively.
Tech shares rose on Monday as interest rate fell, with names like Alphabet
Here's how the market settled on Monday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Meta is opening its first VR headset showroom:
Meta Platforms announced Monday it is opening its first retail location to sell its Oculus virtual reality headsets and "metaverse" products. The Meta Store will open on May 9 at the company's Burlingame, California location, and will have demo areas for people to try its Oculus virtual reality headsets, as well as the apps and games that run on them.
"Ultimately, our goal with the Meta Store is to show people what's possible with our products today, while giving a glimpse into the future as the metaverse comes to life--and hopefully demystifying that concept a bit in the process," Meta said in a statement.
Twitter reaches deal with Musk:
Twitter formally agreeds to be purchased by Tesla
"Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated," Musk said in a press statement on Monday. "I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authentication all humans. Twitter has tremendous potential--I look forward to working with the company and the community of users to unlock it."
The company was expected to decline the offer before this announcement, adopting a "poison pill" strategy to fend off a potential hostile takeover. However, Twitter may have become more receptive to Musk's offer after he revealed he secured $46.5 billion for the deal.
Here's how benchmarks started trading after market open:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index