Stocks finished higher Monday. The Dow climbed 354 points to 24,640, while the S&P 500 added 40 points to 2,673. The Nasdaq Composite was up 142 points to 7,081.
The major averages rebounded as broad strength in retailers and Tech-related stocks lifted investor sentiment. On the data front, an update revealed business activity increased more than expected during the month of October in the Chicago Fed District. A separate survey showed manufacturing activity in the Dallas Fed Region decreased more than projected in November.
All 11 S&P 500 sectors closed in positive territory with Consumer Discretionary shares pacing gains, up 2.6%. Amazon climbed 5.3% to $1,581.33 as “Black-Friday” and “Cyber-Monday” sales figures provided a tailwind to online retailers. Tech and Financials also outperformed, with each group advancing more than 2.1%. The oft-cited “FAANG” group bounced back from last week’s decline, climbing 2.7% on the session. In other news, General Motors jumped 4.8% to $37.65 after the automaker announced a corporate restructuring which included a 15% reduction in its workforce, as well as new investments in electric vehicles.
Breadth was positive on issues by 5:2 on the NYSE and 10:7 on the Nasdaq. Composite NYSE volume was more than 3.4 billion shares.
Treasuries were weaker with the yield on the benchmark 10-year note up two basis points to 3.07%. In commodities, WTI crude rebounded 2.4% to $51.63/barrel after posting its worst week since January 2016. COMEX gold was off 0.1% to $1,222.60/ounce amid a stronger dollar.