Meanwhile, commodities surged, with gold rising to a new record and silver vaulting to a 30-year high. Financial stocks were weak on Monday while the energy and basic material sectors were pockets of strength. Breadth was largely negative for the Dow with 20 of the index's 30 components losing ground. Bank of America ( BAC) was the biggest blue-chip laggard, sliding nearly 2%.
There are no economic reports scheduled for release during Monday's session.
Dryships ( DRYS)shares pushed higher by 5.7% to $6.21 amid heavy trading after the drybulk shipper said Friday its offshore drilling subsidiary plans to raise $500 million in a private offering. Shares of First BanCorp ( FBP) soared 13.5% to $0.30 after the company's management rejected an unsolicited buyout offer from Doral Financial ( DRL) which is also headquartered in San Juan. Kraft ( KFT) is suing Starbucks ( SBUX) to obtain a preliminary injunction to stop the coffee chain from