New York (AFP)

The New York Stock Exchange ended sharply higher Monday, benefiting from the rebound in the technology sector, barely last week, and a series of buybacks.

Its flagship index, the Dow Jones Industrial Average, rose 1.18% to 27,993.33 points and the extended S&P 500 index gained 1.27% to 3,383.54 points.

The Nasdaq gained 1.87% to 11,056.65 points.

Tested by the fall of the big names in tech, the Nasdaq had suffered a weekly drop of 4% last week, its worst weekly performance since March.

“Tech was flattened last week, but what a lot of clients have told me is that they think the industry is too high and are hoping for some kind of pullback,” says Christopher Low of FHN Financial.

Apple, which had a black week on Wall Street but is preparing to present new products and services Tuesday from its Californian headquarters, gained 3.00% on Monday.

Tesla, which had recorded its biggest drop on the stock market last week, climbed 12.58%.

The many developments of the weekend in terms of mergers and acquisitions have also benefited several big names in New York.

"When companies are comfortable buying other companies, it suggests that not everyone thinks the stock market is overvalued," Low notes.

The Californian manufacturer of semiconductors Nvidia thus confirmed on Sunday the acquisition for some 40 billion dollars of the designer of chips for smartphones Arm Holdings from the Japanese group Softbank.

Nvidia's share took 5.82%.

For its part, the Californian laboratory Gilead rose 2.22% after the announcement on Sunday of its upcoming acquisition for approximately $ 21 billion of the American biotech Immunomedics, which markets a drug used to treat breast cancer.

Immunomedics stock has skyrocketed by almost 100%.

For its part, the IT group Oracle confirmed to have made a "proposal" about the application of TikTok light videos.

Suspended at the start of the session, its share rose 4.32%.

Microsoft, whose plan to buy the American activities of the Chinese social network was rejected on Sunday, nevertheless rose 0.68%.

Owned by the Chinese group ByteDance, the popular application is at the heart of a diplomatic battle between Beijing and Washington, with US President Donald Trump accusing TikTok of spying for the benefit of China without proof and threatening it with a ban in the United States.

On the bond market, the 10-year rate on US debt rose around 8:25 pm GMT to 0.6756% against 0.6658% on Friday night.

© 2020 AFP