After seven straight days of losses, the U.S. market closed Monday's trading on a healthy note, thanks to a strong start to the country's shopping season and fresh proposals for a far-reaching solution to Europe's debt crisis.
The Dow Jones industrial average gained 2.59 percent or 291.23 points to close at 11,523.01. The Nasdaq Stock Market Inc. composite index rose 3.52 percent or 85.83 points to close at 2,527.34. The Standard & Poor's 500 index was up 2.92 percent or 33.89 points to close at 1,192.56.
Hot Stocks of the Day: SNE, GOOG, GM, CMC, DOW
Sony Corp. (NYSE: SNE) aims to boost sales of non-consumer products including electronic devices to an annual 2 trillion yen or $26 billion from 1.5 trillion yen now within five years. Shares rose 3.07 percent, or $0.52, to close at $17.48.
Google Inc. (Nasdaq: GOOG) is upgraded to Buy from Neutral with a revised price target of $680 by analysts at Citigroup. They state that Google has sustained 28 percent organic revenue growth and signs point to margin stabilization and also have an attractive valuation. Shares of GOOG added 4.03 percent, or $22.50, to close at $585.52.
General Motors Co. (NYSE: GM) announced that it will offer loaner cars to owners of its Chevrolet Volt electric car amid a U.S. probe into post-crash fires. Shares of GM added 1.72 percent, or $0.35, to close at $20.69.
Shares of Commercial Metals Co. (NYSE: CMC) jumped 23.14 percent, or $2.65, to close at $14.09, amidst reports that Icahn Enterprises offered to acquire the former in a bid that values the scrap-metal processor at roughly $1.73 billion.
Dow Chemical Co. (NYSE: DOW) said that it has officially formed its joint venture Sadara Chemical Co., with state giant Saudi Arabian Oil Co., or Saudi Aramco, to build one of the world's largest chemicals plants in the oil-rich kingdom's Eastern Province on the Persian Gulf coast. Shares of Dow rose 4.09 percent, or $1, to close at $25.46.
Currencies and Commodities:
In the world of currency, the US dollar gained 0.31 percent against the Japanese yen.