U.S. stocks traded higher toward the end of trading, with the Dow Jones gaining more than 300 points on Monday.
The Dow traded up 1.04% to 32,192.75 while the NASDAQ rose 0.30% to 11,665.73. The S&P 500, also rose, gaining, 0.80% to 3,947.80.
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- Energy shares rose by 2.2% on Monday. Meanwhile, top gainers in the sector included Talos Energy Inc. TALO, up 10%, and Hammerhead Energy Inc. HHRS, up 8%.
- In trading on Monday, consumer discretionary shares rose by just 0.1%.
Foot Locker Inc FL posted upbeat results for its fourth quarter.
The company reported a fourth-quarter FY22 sales decline of 0.30% year-on-year to $2.33 billion, beating the consensus of $2.15 billion. Adjusted EPS of $0.97 beat the analyst consensus of $0.51.
- New York Community Bancorp, Inc. NYCB shares shot up 35% to $8.82 after the Federal Deposit Insurance Corporation (FDIC) announced NYCB subsidiary Flagstar Bank entered into a purchase agreement for Signature Bridge Bank. Multiple analysts upgraded the stock in the wake of the announcement.
- Shares of Allarity Therapeutics, Inc. ALLR got a boost, shooting 62% to $0.1702 after the company said it dosed the first patient in its trial studying advanced solid tumors.
- SuRo Capital Corp. SSSS shares were also up, gaining 19% to $3.50. SuRo Capital will commence a modified Dutch Auction tender offer to repurchase up to 3 million shares of its common stock.
- Credit Suisse Group AG CS shares tumbled 52% to $0.9660 after UBS agreed to acquire the bank for $3.2 billion.
- Shares of Bed Bath & Beyond Inc. BBBY were down 24% to $0.7820 after the company announced a special shareholder meeting to approve a 1-for-5 to 1-for-10 reverse stock split.
- Aziyo Biologics, Inc. AZYO was down, falling 59% to $1.60 after the company received a determination from the FDA indicating that the company's premarket notification for the CanGaroo RM Antibacterial Envelope is not substantially equivalent.
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In commodity news, oil traded down 0.6% to $66.36 while gold traded up 0.5% at $1,983.40.
Silver traded up 0.8% to $22.65 on Monday while copper rose 1.6% to $3.9565.
European shares were higher today. The eurozone’s STOXX 600 gained 0.98%, London’s FTSE 100 rose 0.93% while Spain’s IBEX 35 Index rose 1.31%. The German DAX gained 1.12%, French CAC 40 climbed 1.27% and Italy’s FTSE MIB Index rose 1.59%.
Asia Pacific Markets
Asian markets closed lower on Monday, with Japan’s Nikkei 225 dropping 1.42%, Hong Kong’s Hang Seng Index dropping 2.65% and China’s Shanghai Composite Index declining 0.48%. India’s S&P BSE Sensex fell 0.6%.
There were no major US economic releases Monday.
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