Wall Street gathers as Cyber ​​Monday shoppers connect

NEW YORK (Reuters) – Wall Street rebounded on Monday, as bargain hunters came back strong after last week's sale and expectations of a wave of cyber-holiday spending have made climb the actions of retailers.

The S & P 500 and the Dow Jones Industrial Average advanced About 1.5%, while the Nasdaq has grown more than 2%. All three indexes recorded their largest percentage increase in almost three weeks. Friday, the S & P 500 closed at 10.2% of its record level, confirming a correction for the second time this year.

We were expecting a frenzy of online shopping, as retailers tempted their customers with a real wave of discounts and free shipping. According to Adobe Analytics, Cyber ​​Monday's expenses reach a record $ 7.8 billion in the United States.

"We are seeing relief today," said Paul Nolte, Portfolio Manager at Kingsview Asset Management in Chicago. "That's Cyber ​​Monday shopping on Wall Street."

The e-commerce symbol Amazon.com ( AMZN.O ) grew 5.3%, which boosted the Nasdaq and S & P Retail indices .SPXRT, which was up of 3.1%.

Crude Oil Price LCoC1 recorded its largest percentage increase in five months, driven by falling US inventories and increasing supply concerns. This boosted energy shares by 1.7%. Brent prices have fallen nearly 30% since early October.

At the same time, General Motors Inc. ( GM.N ) announced that it would reduce its production, eliminate models sold at a lower price and halve its North American workforce in the United States. the largest restructuring of the manufacturer since its bankruptcy ten years ago. The action ended the session up 4.8%.

The index .JJI of the Dow Jones Industrial Average rose by 354.29 points, or 1.46%, to 24,640.24, l '. S & P 500 Index of 40.89 points, or 1.55%, at 2,673.45 and Nasdaq The Composite .IXIC added 142.87 points, or 2.06%, to 7,081.85.

The top 11 sectors of the S & P 500 Index rose, with the Consumer Discretionary Index .SPLRCD and the Technology SSPLRCT posting the largest percentage gains.

The technology sector grew 2.3% and provided the biggest support to the S & P 500 index, after falling more than 6% last week, its worst drop in eight month.

Nvidia Corp. ( NVDA.O ) gained 5.6% after Credit Suisse began covering the chip maker with an optimistic outlook.

The shares of Zafgen Inc. ( of ZFGN.O ) fell by 40.5% after the US Food and Drug Administration suspended the company's experimental diabetes drug trial, citing security concerns.

The reporting season for the third quarter is largely over. Nearly 97% of S & P 500 companies have released reports, 78% of which exceed badysts' expectations, according to Refinitiv data.

Investors expect the G20 summit meeting in Buenos Aires on Friday and Saturday. US President Donald Trump and Chinese Xi Jinping are expected to meet over the tariff dispute in their two countries.

Increasing issues outnumbered NYSE declines by a ratio of 1.80 to 1; on the Nasdaq, a ratio of 1.50 / 1 favored the advanced.

The S & P 500 recorded 5 new highs over 52 weeks and 3 new lows. the Nasdaq Composite recorded 17 new highs and 101 new lows.

The volume of US trade amounted to 6.68 billion shares, compared with an average of 8.02 billion during the last 20 trading days.