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Wall Street's main indexes rose on Monday, building on last week's sharp gains after a surprisingly upbeat jobs report raised bets of a swift recovery from a coronavirus-driven downturn.

A merger between AstraZeneca and Gilead Sciences Inc is unlikely due to significant political hurdles, Wall Street analysts said on Monday after a Bloomberg report that the British drugmaker last month had contacted its U.S. rival about a deal.

The U.S. economy ended its longest expansion in history in February and entered recession as a result of the coronavirus pandemic, the private economics research group that acts as the arbiter for determining U.S. business cycles said on Monday.

A gauge of global equity markets rose on Monday on hopes of a fast recovery from the coronavirus economic slump while oil slid after Saudi Arabia said an extension of output cuts by producer nations would not include extra cuts by three Gulf countries.

As companies try to regain their financial footing in the midst of continuing economic uncertainty, a retiring worker's decision to take their pension as a lump sum or lifetime payments could end up boiling down to this one factor.

Elanco Animal Health secured EU antitrust clearance on Monday to buy Bayer's veterinary drugs unit after pledging to sell some products to address competition concerns about the $7.6 billion deal.

U.S. consumers felt slightly more optimistic about their finances and job security in May as businesses began to reopen and rehire workers following the easing of coronavirus-related restrictions, according to a survey released on Monday by the New York Federal Reserve.

Starting salaries for newly minted college graduates are lower almost across the board. However, some entry-level positions in tech still pay near six figures.

Dunkin', a unit of Dunkin' Brands Group Inc , said on Monday its franchisees are seeking to hire up to 25,000 workers as it prepares for higher demand, with U.S. states reopening after months-long lockdowns to contain the spread of the novel coronavirus.

Shares of Gilead Sciences Inc rose as much as 3% on Monday after a report said the U.S. drugmaker had been approached by Britain's AstraZeneca for a possible merger to form one of the world's largest drug companies.

Austria has agreed to a smaller than expected bailout package for Lufthansa unit Austrian Airlines of 450 million euros ($508 million) in loans and grants, people familiar with the matter said on Monday.

Wall Street's major indexes rose on Monday, building on last week's sharp gains after a surprisingly upbeat jobs report raised bets of a swift recovery from a coronavirus-driven downturn.

"It's almost as if people decided Covid is over. It's a 'V-shaped' rally, and you bet get on board," CNBC's Jim Cramer said on Monday.

Ryanair boss Michael O'Leary said he believed Britain's coronavirus quarantine will be struck down by the courts or dropped within weeks as some of Europe's biggest airlines prepare to file a legal challenge by the end of Tuesday.

Austrian Chancellor Sebastian Kurz, Vice Chancellor Werner Kogler and Finance Minister Gernot Bluemel will hold a news conference on Lufthansa unit Austrian Airlines at 5 p.m. (1500 GMT), the government said in a statement on Monday.