S&P 500 top movers: Viacom (VIAC) gains more than 9% after Evercore raises price target

• Wall Street's main indexes rise after Fed expands bond-buying program.
• ViacomCBS Cl B (VIAC) shares gain more than 9% on Monday.

Major equity indexes in the US opened the day deep in the negative territory as flight-to-safety remained intact on worries over a second coronavirus wave. However, the market mood improved after the US Federal Reserve announced that it has expanded its purchases of corporate bond in the secondary market. As of writing, the S&P 500 Index was up 0.95% on the day at 3,070 points.

S&P 500 top movers

Earlier in the day, analysts at Evercore said that they have raised the price target on shares of ViacomCBS Cl B (VIAC) to $24 from $20. Boosted by this development, VIAC rose sharply and was last seen trading at $25.05, where it was up 9.45% on the day as the top-performer.

On the other hand, Cabot Oil & Gas Corp (COG) and Merck & Co Inc (MRK) are both losing more than 3% as the biggest decliners on Monday.