Closing Update: Stocks Rebound in Afternoon Rally; Energy, Consumer Discretionary Stocks Pace Broad-Based Gains

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Stocks rebounded Monday as investors set aside worries over global tensions and another batch of mixed corporate earnings to instead take advantage of lower share prices following the worst weekly drubbing for equities in nearly two years.

Gains picked up speed in afternoon trade, with nine of the 10 sectors in the S&P 500 finishing in the black, led by shares of energy and consumer discretionary companies. Utility stocks were the day's lone decliners.

There were no economic reports today.


Commodities trading today also reflected renewed market optimism, with crude oil and copper futures rising - likely indicating prospects for future growth - while precious metals lanquished.

Crude oil for September delivery settled 41 cents higher at $98.29 per barrel while September natural gas rose 4 cents to $3.83 per 1 million BTU. December gold fell $5.60 to $1,289 per ounce while September silver slipped 14 cents to $20.24 per ounce. September copper rose 3 cents to settle at $3.24 per pound.

Here's where U.S. stocks stood at the end-of-day:

Dow Jones Industrial Average up 75.91 (+0.46%) to 16,569.28

S&P 500 up 13.84 (+0.72%) to 1,938.99

Nasdaq Composite Index up 31.25 (+0.72%) to 4,383.89

GLOBAL SENTIMENT

Hang Seng Index up 0.28%

Shanghai China Composite Index up 1.74%

FTSE 100 Index down 0.02%

UPSIDE MOVERS

(+) PIKE, Agrees to management-led buyout by Court Square Capital, which will pay $12 a share for the construction and engineering firm - a 55% premium over Friday's closing price. The deal is expected to close before the end of the year.

(+) CBMG, Announces plans to acquire Agreen Biotech and its founder's patent for $3.28 mln in cash, 753,522 shares of its common stock and 75,000 shares of restricted stock units.

(+) OVRL, Expects Q4 revenue to top $24 mln, including more than $8 mln in RDX revenue and exceeding analyst estimates by at least $1 mln.

DOWNSIDE MOVERS

(-) INSM, Discloses plans for two Phase 3 studies of its Arikayce inhaled antibiotic treatment to treat lung infections, likely extending the wait before the company will seek FDA approval for the drug. Expects to file for EU nod by Dec. 31.

(-) ESI, Terminates proposed sale-leaseback transaction with College Portfolio Buyer LLC, instead choosing to pursue alternative buyers rather than agreeing to extending negotiations until Sept. 15, according to regulatory documents filed today.

(-) ALR, Excluding non-recurring items, diagnostics lab company earns $0.42 per share, trailing analyst forecasts by $0.16 per share. Revenue declined 3.4% year over year to $737.9 million, lagging analyst estimates by around $9.65 million.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

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