Wall Street bounces as holiday buyers connect

NEW YORK (AP) – Wall Street rebounded on Monday following buyers' return after last week's sell and expectations of a surge in cyber-holiday spending pushed up the shares of online retailers.

The three major US indices each rose more than 1%, and the S & P 500 was heading for its largest percentage gain in almost three weeks. The index closed Friday at 10.2% of its record level, confirming a correction for the second time this year.

The expected frenzy of Cyber ​​Monday began when online retailers seduced customers with a blizzard of discount and free shipping. According to Adobe Analytics, Monday's spending on the Internet is a record $ 7.8 billion.

"We had a rebound after the excessive sales market on Friday and because of seasonal factors," said Bucky Hellwig, senior vice president of BB & T Wealth Management in Birmingham, Alabama. "Until now, it appears that retail sales have been strong, both in brick-and-mortar and online, which is still positive."

The Amazon.com online store grew by 4.1%, the largest increase in the Nasdaq and S & P Retail indices, up 2.3%.

Crude oil price were on track to record their largest percentage increase for more than a year due to falling inventories in the United States and growing concern over supplies, driving up the share of the company. 39, 1.6% energy.

General Motors Inc. has announced that it will reduce production, eliminate its poorly sold models and reduce its workforce in North America as part of the largest restructuring of the automaker since its bankruptcy ten years ago. The stock was up 5.7 percent.

The Dow Jones Industrial Average rose 279.52 points, or 1.15%, to 24,565.47%, the S & P 500, from 32.68 points, or 1.24%, to 2,665.24 and Nasdaq Composite added 108.83 points, or 1.57%, to 7,047.81.

The 11 main sectors of the S & P 500 index were trading in positive territory.

The tech sector grew 1.7%, after a slide of more than 6% last week, its worst drop in eight months.

Nvidia Corp was up 3.3% after Credit Suisse started covering the chip maker with an optimistic outlook.

Zafgen Inc. shares fell 43.0% after the US Food and Drug Administration suspended US testing of the company's diabetes drug trial, citing security concerns.

The third quarter reporting season is largely in the rear-view mirror: nearly 97% of S & P 500 companies have released a report, of which 77.9% exceeds analysts' expectations, according to Refinitiv data.

Investors looked forward to the G20 Summit in Buenos Aires on Friday and Saturday. US Presidents Donald Trump and China Xi Jinping are expected to meet regarding the tariff increases of their two countries.

Increasing issues outnumbered declining issues at the NYSE by a ratio of 1.63 to 1; on the Nasdaq, a ratio of 1.43 to 1 favored advances.

The S & P 500 recorded five new highs in 52 weeks and two new lows; the Nasdaq Composite recorded 14 new highs and 80 new lows.

(Report by Stephen Culp, edited by Leslie Adler)