In the U.S., investors are awaiting word from the Federal Reserve on whether it will announce new stimulus measures after completing its two-day policy meeting on Thursday. Friday’s weak jobs report is viewed by many as a reason to put into play a third round of quantitative easing.
On the European side, Germany’s Constitutional Court will rule Wednesday on whether the European Stability Mechanism — the bailout fund holding together the EU — is legal. The ruling will play an important part in determining the viability of the eurozone.
The net result: The Dow finished at its highest level since December 2007, up 0.52% at 13,323, the S&P gained 0.31% to end at 1,433, and the Nasdaq moved up fractionally to 3,104.
Financial stocks continued a slow year-long rally, with Morgan Stanley (NYSE:MS) soaring nearly 4% and Citigroup (NYSE:C) up more than 2% after a price was reached on MS’ Smith Barney buyout. JPMorgan Chase (NYSE:JPM) and Bank of America (NYSE:BAC) both finished Monday up more than 1%.
Struggling technology giant Hewlett-Packard (NYSE:HPQ) announced yet another round of layoffs as CEO Meg Whitman tries to right-size the company. With its most recent announcement of 2,000 cuts, HPQ’s layoff total is expected to amount to 29,000 workers by 2014 at a cost of $3.7 billion. HPQ shares rose 2.75% on the news.
British fashion house Burberry (PINK:BURBY) lowered guidance numbers for the year, which not only resulted in an 18% bloodletting in BURBY shares, but losses among other luxury names. LVMH Moet Hennessy Louis Vuitton (PINK:LVMUY) and Ralph Lauren each shed around 2.5%, while Tiffany (NYSE:TIF) and Coach (NYSE:COH) each slid more than 1%.
- Angie’s List (NASDAQ:ANGI): Up 11.8% ($1.17) to $11.06.
- Groupon (NASDAQ:GRPN): Up 8.4% (36 cents) to $4.63.
- Nokia (NYSE:NOK): Up 6.5% (17 cents) to $2.80.
- Palo Alto Networks (NYSE:PANW): Down 7% ($5.03) to $66.72 (read more here).
- Amarin (NASDAQ:AMRN): Down 5.5% (79 cents) to $13.62.
- Monster Worldwide (NYSE:MWW): Down 3.2% (26 cents) to $7.89.
Marc Bastow is an Assistant Editor at InvestorPlace.com. As of this writing, he was long AAPL.