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 rose about 1.46%. The rose 1.56%, while the rose 2.06%.
Amazon.com Inc (NASDAQ:) soared 5% as , 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:) 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:), JPMorgan Chase (NYSE:) and Goldman Sachs (NYSE:) ended the day higher.
Tech rebounded back from weakness last week, as Apple (NASDAQ:) 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