A financially inspiring (if not ) Black Friday gave way to a manic Monday of trading that saw the S&P 500 gain almost 3% and the Dow Jones climb more than 2.5% as both the financial and retail sectors clamored for more shopping bonanzas.
International financial stocks soared not only on news of a record Black Friday, but also optimism about a euro zone debt solution. ING Group (NYSE:) was up almost 12% to $7.02, with Deutsche Bank (NYSE:, +8.78%, $35.18), Barclays (NYSE:, +8.42%, $10.43) and a host of others posting large gains. Also, the KBW Bank Index (BKX) of 24 large U.S. banks jumped almost 3%, with its biggest gainers including Citigroup (NYSE:, +6.01%, $25.05), Wells Fargo (NYSE:, +2.72%, $24.14) and BB&T (NYSE:, +3.12%, $21.83).
Numerous retailers’ stocks followed their stores’ holiday weekend suits by heading higher during Monday trading, marked across the board by a 3.5% gain in the SPDR S&P Retail ETF (NYSE:). Perennial Black Friday star Macy’s (NYSE:
) and luxury retailer Saks (NYSE:) each gained almost 5%, to $30.84 and $8.91, respectively, and upscale Nordstrom (NYSE:) posted a strong 2.5% gain to $45.19.
Larger retailers didn’t fare as well, however, with Target (NYSE:) up just 0.82% to $51.63 and Wal-Mart (NYSE:) up just 0.63% to $57.25. And a glaring red mark came from Sears (NASDAQ:), which was down almost 1% to $57.83 — a rare Monday loss for the sector.
Three Up
- ArcelorMittal (NYSE:): Up 8.81% ($1.36) to $16.79.
- Joy Global (NASDAQ:): Up 7.54% ($5.94) to $84.72.
- Royal Caribbean Cruises (NYSE:): Up 7.33% ($1.70) to $24.89.
Three Down
- Groupon (NASDAQ:): Down 9.01% ($1.51) to $15.24.
- Randgold Resources (NASDAQ:): Down 6.18% ($6.42) to $97.46.
- LinkedIn (NYSE:): Down 4.88% ($3.08) to $60.
As of this writing, Kyle Woodley did not hold a position in any of the aforementioned stocks. Check out our list of previous IP Market Recaps.
