Battered Sectors Storm Back
Updated from 12:55 p.m. EDT
Investors who didn't bail out of their airline and technology shares last week are seeing some of their losses retraced Monday.
Airlines were pounded most of last week, then rebounded Friday as hopes surfaced for a bailout package. They were higher again, with AMR (AMR), the parent of American Airlines and TWA, up 2.2% to $18.30. Delta Air Lines (DAL) also was a big winner, up 6.8% to $23.99. UAL (UAL), the holding company for United Airlines, rose 5.4% to $18.06, while Northwest (NWAC) gained 5.4% to $11.01.
TechnologyInvestors were also putting their money back into tech on Monday. Dell (DELL) rose 11.9% to $18.60, while Microsoft (MSFT), gained 4.6% to $52.01. Oracle (ORCL) jumped 16.4% to $12.52, and Cisco (CSCO) was up 3.9% to $12.56. Sun Microsystems (SUNW) rose 9.7% to $8.73, and Intel (INTC) gained 10.1% to $21.25.
Aerospace & DefenseDefense contractors closed lower. Raytheon (RTN) was down 2.8%, while Northrop Grumman (NOC) lost 1.7%, and Lockheed Martin (LMT) was off 0.5%.
BrokeragesBrokerage stocks fought back Monday. Morgan Stanley (MWD) gained 6.2% to $42.55, while Goldman Sachs (GS) was up 4.2% to $70.51. Merrill Lynch (MER) rose 3% to $38.77, while Lehman Brothers (LEH) jumped 8.5% to $51.55. Charles Schwab (SCH) was also in positive territory, rising 7.4% to $10.20.
Banks & InsurersBank of America (BAC) was up 4.6% to $53.35, while Citigroup (C) gained 7.3% to $39. American Express (AXP) rose 7.4% to $27.51. Insurer American International Group (AIG) gained 5.9% to $71, and XL Capital (XL) was up 9.7% to $68.03. ACE (ACE) was up 16% to $23.76.
Basic MaterialsThe basic material stocks were generally up, with companies such as DuPont (DD), up 7.1% and paper products company Westvaco (W), up 6.6%. Georgia-Pacific (GP) rose 6.4% to $28.30, and Allegheny Technologies (ATI) gained 4.5% to $13.79.
RetailersRetailers were generally up on Monday despite some analyst downgrades and concerns about consumer confidence. Retailers Wal-Mart (WMT) rose 5.9% to $47.28, while Kmart (KM) was up 6%. Home Depot (HD) jumped 8.8% to $36.01. Apparel retailer Gap (GPS) was up 9.1% to $12.46, and Federated Department Stores (FD) was up 4.9%. Sears (S) rose 9.4%, and online retailer Amazon.com (AMZN) posted a loss of 0.3%. Bookseller Barnes & Noble (BKS) was up 8.6% to $36.45.
Media StocksMedia stocks were trending higher as well. AOL Time Warner (AOL) was up 8.9% to $32.50, while newspaper publisher Tribune (TRB) climbed 2.1%. Knight Ridder (KRI) was up 4.3%, and Gannett (GCI) gained 2.6%.
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