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Stock Market

Stocks - Dow Rallies Triple Digits as Amazon Soars on Cyber Monday Optimism

Investing.com - The Dow made a bullish start to the week Monday, led by Amazon as investors bet Cyber Monday

Investing.com - The Dow made a bullish start to the week Monday, led by Amazon as investors bet Cyber Monday would rack up strong gains for retailers.

The Dow Jones Industrial Average rose about 1.46%. The S&P 500 rose 1.56%, while the Nasdaq Composite rose 2.06%.

Amazon.com Inc (NASDAQ:AMZN) soared 5% as retailers reigned supreme, lifting the broader consumer discretionary sector on expectations that Cyber Monday would haul in a record in online sales.

Cyber Monday online sales are expected to set a new record of $7.8 billion, up nearly 18% from last year, Adobe Analytics said.

A surge in shares of General Motors (NYSE:GM) also underpinned consumer discretionary after the automaker revealed plans to reduce output at several plants and cut its salaried workforce by 15%, a larger cost-cutting plan than many had expected.

Wall Street's bold start to the week was further underpinned by financials, which have remained resilient in the wake of a wider slump in the overall market during the current quarter, losing about 4% compared with a more than 8% decline for the S&P 500.

Citigroup (NYSE:C), JPMorgan Chase (NYSE:JPM) and Goldman Sachs (NYSE:GS) ended the day higher.

Tech rebounded back from weakness last week, as Apple (NASDAQ:AAPL) pared some recent losses, rising 1% as the iPhone maker argued a case about antitrust laws and its App Store in front of the Supreme Court.

Apple fell in aftermarket trade, however, as President Trump reportedly suggested the US could slap 10% tariffs on iPhones and laptops imported from China, CNBC reported.

The dour update on trade comes as investors remain hopeful that Trump and Chinese President Xi Jinping will find a way to renew dialogue on trade and de-escalate trade tensions at the upcoming G20 meeting.

Energy climbed more than 1%, on rising oil prices as expectations that OPEC and its allies may announce plans to cut production as soon as next week offset reports Saudi Arabia had pumped record amounts of crude during the month.

In corporate news, Wynn (NASDAQ:WYNN) climbed 7% on expectations for improved sales figures in Macau, the gambling hotbed on the South China Sea, after Wall Street lifted its November forecast on gambling revenue in region.

Top S&P 500 Gainers and Losers Today:

Newell Brands Inc (NYSE:NWL), Wynn Resorts Limited (NASDAQ:WYNN), L Brands Inc (NYSE:LB) among the top S&P 500 gainers for the session.

Campbell Soup Company (NYSE:CPB), United Continental Holdings Inc (NASDAQ:UAL), Cabot Oil & Gas Corporation (NYSE:COG) were among the worst S&P 500 performers of the session.