US stocks closed higher on Cyber ​​Monday resellers



[ad_1]

US stocks closed higher on Monday as retail shares rose in strong sales expectations as buyers sought out offers on Cyber ​​Monday. Steady oil prices and global stock gains also calmed sentiment after a week of losses.

How were the benchmarks?

The Dow Jones Industrial Average

DJIA, + 1.46%

rose 354.29 points, or 1.5%, to 24,640.24, while the S & P 500 index

SPX, + 1.55%

rose 40.89 points, or 1.6%, to 2,673.45. The Nasdaq Composite Index

COMP + 2.06%

rose 142.87 points, or 2.1%, to 7,081.85.

Last week, the Nasdaq fell 4.3%, the Dow fell 4.4% and the S & P 500 fell 3.8%, marking the worst Thanksgiving week since 2011 for all three indices.

What boosted the market?

Losses in oil prices pushed stocks down last week, and the opposite occurred on Monday. After losing only 7.7% in the session on Friday, US oil futures

CLF9, + 2.38%

gained more than 2% to trade above $ 51 a barrel, while Brent

LCOF9, + 2.96%

also rose above $ 60.

The retail sector was in the limelight as investors digested initial data on consumers' willingness to spend holiday season after buyers began looking for pre-holiday purchase offers.

In-store traffic fell by up to 9% compared to last year's Black Friday, according to metrics closely monitored by RetailNext and ShopperTrak. But consumers made up for it by spending more money online, as Internet sales rose 26.4 percent from a year earlier, according to an estimate from Adobe Systems Inc. Traders will continue to focus on data received on spending on today's Cyber ​​Monday, from retailers and outside analysts.

Global developments have also influenced trade. Signs that Italy's coalition government was poised to reduce its budget deficit target – a move that could ease tensions between Rome and the European Union – helped ease the nerves. UK Prime Minister Theresa May has also stepped down from an EU meeting with the approval of her Brexit agreement and is now seeking approval from her own parliament.

Read: Stock Market Investors Celebrate Brexit Headlines in Italy – But That May Not Last

Meanwhile, trade tensions between the US and China continued to hover over the market ahead of the Group of 20 summit, which begins on Friday when President Donald Trump and Chinese President Xi Jinping are expected to meet and discuss trade issues.

Opinion: El-Erian: forgotten Brexit warnings for the rest of the world

What were the strategists saying?

"Today, we are seeing an exaggerated market rebound," said Larry Benedict, chief executive of the Opportunistic Trader, to MarketWatch.

"The market is basically stable this year and we do not see this change," before the end of December, he said. "O [bull] the market is long and there is no more free money, "he said, referring to rising interest rates.

Paul Hickey, co-founder of Bespoke Market Intelligence, warned investors to put early Monday's gains in perspective. "Last Friday, the S & P 500 closed a new low for the current correction, and even with today's 1% gain open, the S & P 500 will only return to levels it was trading in half an hour earlier of closure on Wednesday, "he said.

"Traders are watching for signs that new concessions will be made before President Trump and Chinese President Xi Jinping meet later this week," said David Lutz, director of ETFs at Jones Trading. market "is waiting for a strong showing this" Cyber ​​Monday "from online retailers.

What stocks were in focus?

Actions of Amazon.com Inc.

AMZN, + 5.28%

rose 5.3 percent amid forecasts that Cyber ​​Monday's sales are expected to rise double-digit to $ 7.8 billion this year, contributing to the biggest day of online shopping in the US, according to Adobe Analytics.

Other retailers also closed GameStop Corp.

GME, + 8.00%

up to 8% American Eagle Outfitters Inc.

AEO, + 5.53%

up 5.5%, Best Buy Co.

BBY, + 2.86%

2.9% higher and Target Corp.

TGT, + 2.82%

gaining 2.8%.

Overstock.com Inc.

OSTK, -16.10%

is an online retailer that does not see its stock rise after The Wall Street Journal reported that chief executive Patrick Byrne hopes to wrap up a sale of the company's retail business until February to fund its smart trading platform with blockchain. That news made the shares rise more than 20% on Friday, but stocks fell 16% amid a big sale of encrypted currencies such as bitcoin.

Actions of General Motors Co.

GM, + 4.79%

rose 4.8 percent after the automaker announced cost-cutting measures that included layoffs, a reduced line of vehicles and the closure of factories in the US and Canada.

Financial stocks were among the biggest winners in the industry that underpinned Dow's breakthrough. Goldman Sachs Group Inc.

GS, + 2.77%

shares rose 2.8% JPMorgan Chase & Co.

JPM, + 2.45%

stock rose 2.5%.

How were other markets traded?

Asian markets were higher with Japan's Nikkei

NIK, + 0.76%

rising 0.7% and Hong Kong's Hang Seng index

HSI + 1.73%

closing 1.7%. Chinese markets were more muted, with Shanghai

SHCOMP, -0.14%

early, but ending at 0.1%.

European markets rose with Stoxx Europe 600

SXXP, + 1.23%

and the FTSE 100

UKX, + 1.20%

in positive territory.

Gold

GCZ8, -0.07%

slightly below and the US dollar

DXY, + 0.15%

started the week a little higher.

-Barbara Kollmeyer contributed to this report

Providing critical information for the US trading day. Subscribe to MarketWatch's free newsletter, Need to Know. Sign here.

[ad_2]

Source link