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Close Update: Wall Street Rallies as Cyber Monday Breaks Records


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Led by gains in retail and banking stocks, the Dow Jones Industrial Average rallied more than 350 points on Monday, snapping a four-day losing streak and putting in its best performance in over two weeks. Beaten-down sectors were the day's top performers with consumer sectors getting a boost from record-breaking Cyber Monday sales, and energy shares supported by a 3% jump in crude oil futures.

The risk rally kicked off overnight when Italy's deputy prime minister said the 2.4% deficit/GDP target wasn't written in stone and oil futures clawed out of a one-year low. Upcoming talks between President Donald Trump and Chinese president Xi Jinping contributed to the buoyant tone, putting the Dow more than 300 points higher at the open.

Corporate headlines also figured into Monday's positive price action. Shares of General Motors ( GM ) rallied to their highest level since July (and pierced their 200-day moving average for the first time since June) after the company announced cost-cutting measures that include plant closures and staff reductions.

Record Cyber Monday sales elevated shares of Amazon ( AMZN ), Etsy ( ETSY ), Best Buy ( BBY ) and Game Stop ( GME ), driving up the consumer discretionary sector of the S&P 500 by 2.4%. Adobe Analytics predicts a double-digit gain in online sales this year to an all-time high of approximately $7.8 billion.

Data released this morning was a non-event. The Chicago Fed national activity index rose to 0.24 in October from 0.17 the prior month, beating 0.20 estimates, while a comparable index from the Dallas Fed fell to 17.6 in November from 29.4 previously.

US MARKETS

Dow Jones Industrial Average was up 354.29 points (+1.46%)

S&P 500 was up 40.89 points (+1.55%)

Nasdaq Composite Index was up 142.87 points (+2.06%)

GLOBAL SENTIMENT

FTSE 100 was up 1.20%

Nikkei 225 was up 0.76%

Hang Seng Index was up 1.73%

Shanghai China Composite Index was down 0.14%

UPSIDE MOVERS

(+) JKS (+15.51%) Reported upbeat Q3 results

(+) SPEX (+12.50%) Acquired 25% stake in and electric scooter and bicycle business

(+) INPX (+3.91%) Announced rights offering

DOWNSIDE MOVERS

(- ) ZFGN (-40.55%) FDA placed clinical hold on INDA ZGN-1061

(-) OSTK (-16.10%) CEO said Friday he plans to sell retail business to focus on blockchain

(-) PLT (-8.76%) No longer in acquisition talks with Logitech

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

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.





This article appears in: Investing , Stocks
Referenced Symbols: GM , AMZN , ETSY , BBY , GME



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