Stock Markets Climb as Oracle Beats Microsoft in TikTok Fight
Last week's stock market action was far from reassuring. That's what made Monday's start so important, and market participants were able to take a breath of fresh air as the new week opened on an upbeat note. Shortly after 10 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 339 points to 28,005. The S&P 500 (SNPINDEX: ^GSPC) gained 53 points to 3,394, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) picked up 229 points to 11,082.
One of the biggest stories lately has involved Chinese social media company ByteDance and its popular TikTok app. After facing criticism from U.S. regulators, TikTok has sought to take strategic action to protect the value of its lucrative asset. That pitted several potential buyers against each other, and over the weekend, it became apparent that Oracle (NYSE: ORCL) has the upper hand over Microsoft (NASDAQ: MSFT) and Walmart (NYSE: WMT) in inking some kind of deal with ByteDance.
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Source Fool.com
