Here Are 3 Hot Things to Know About Stocks Right Now
- The Dow Jones Industrial Average posted solid gains on Monday after sliding 4.4% during Thanksgiving week.
- Cyber Monday is expected to bring in $7.8 billion in sales, according to Adobe Analytics.
- General Motors Co. (GM) - Get Report rose 5% after the automaker announced a restructuring that will include plant closures and job cuts.
Wall Street Overview
Stocks surged on Monday, Nov. 26, with Wall Street getting a lift from a record Black Friday spending weekend and a rebound in oil prices.
The Dow Jones Industrial Average rose 354 points, or 1.5%, to 24,640, the S&P 500 rose 1.6%, and the Nasdaq gained 2%. Investors were taking a record Thanksgiving shopping weekend -- which saw consumers spend nearly $10 billion over the first two days of the four-day period -- as a signal of robust demand for the holiday season.
Prices for Brent crude, the global benchmark, rose 3.3% to $60.73 a barrel on Monday, while West Texas Intermediate crude, the U.S. benchmark, gained 2.4% to $51.62 a barrel. Crude oil in the U.S. fell 7.7% on Friday, Nov. 23.
The holiday shopping season kicked into high gear on Black Friday, the day after Thanksgiving. But when it comes to online shopping, Cyber Monday will be king: According to projections from Adobe Analytics, the Monday after Thanksgiving is expected to bring in $7.8 billion in sales, and will be the single largest online shopping day in the U.S., eclipsing Black Friday ($6.22 billion) and Thanksgiving ($3.3 billion).
Online sales this holiday season were projected to reach $124.1 billion, according to Adobe's projections. Industry experts expect that a strong economy and high consumer confidence will mean a healthy haul for retailers of many different stripes, according to TheStreet's Annie Gaus.
- Cyber Monday Sales Are Off to a Big Start, Says Adobe Analytics
- Best Cyber Monday Deals 2018: Walmart, Amazon and More
GM said no future products will be allocated to the Oshawa Assembly in Ontario, Canada, the Detroit-Hamtramck Assembly, the Lordstown Assembly in Warren, Ohio, the Baltimore Operations in White Marsh, Md., and the Warren Transmission Operations in Warren, Mich.
The company will reduce salaried and salaried contract staff by 15%, "which includes 25% fewer executives to streamline decision making."
The board of Japanese automaker Mitsubishi Motors Corp. (MMTOF) , which is allied with Renault S.A. (RNLSY) and Nissan Motor Co. (NSANY) in the world's biggest auto alliance, voted Monday to dismiss Carlos Ghosn as its chairman after his arrest last week for alleged financial misconduct.
Ghosn is being investigated over claims that the 64-year old misused company funds and understated his income with the assistance of Nissan's representative director, Greg Kelly, who also arrested in Tokyo. Nissan's board last week voted unanimously to dismiss Ghosn.
Campbell Soup Co. (CPB) - Get Report has reached an agreement with investor Dan Loeb and his activist hedge fund, Third Point LLC, in which the soup maker will add two new board members, bringing the total to 14 from 12.
The two Third Point representatives who will join the board are Comscore Inc. President Sarah Hofstetter and former Blue Buffalo CEO Kurt Schmidt.
Campbell Soup declined 4%.
Shares of Plantronics Inc. (PLT) - Get Report , which makes Bluetooth earpieces and headsets, fell 9% on Monday after Logitech International SA (LOGI) - Get Report said it ended discussions to buy the company. Logitech shares gained 4%.
Reuters reported on the negotiations between Logitech and Plantronics on Friday. The companies confirmed the talks on Sunday, but said they had been terminated.
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