by Marc Bastow | November 19, 2012 5:11 pm
“Oh my goodness” is how one colleague reacted to Monday’s early-morning rally to start the holiday-shortened week. Emotionally, hopes that fiscal cliff negotiations in Washington are progressing were the widely cited cause, while Apple‘s (NASDAQ:AAPL) 7% rebound led it on the mathematical front.
Also Monday, existing home sales rose 2.1% to an annual rate of 4.79 million in October, compared with estimates for a rate of 4.70 million; also, the National Association of Home Builders’ sentiment index rose for a seventh-straight month to 46, its highest level since May 2006.
All of the above helped contribute to a broad-based rally that saw the Nasdaq soar 2.21% to 2,916.07, the S&P 500 gain 1.99% to 1,386.89, and the Dow improve 1.65% to close at 12,795.96.
Every Dow component finished in the black Monday, led by Bank of America (NYSE:BAC), which saw its shares climb just over 4%. Banking sectormates JPMorgan Chase (NYSE:JPM, +2.6%) and Goldman Sachs (NYSE:GS, +2.1%) followed suit. Intel (NASDAQ:INTC) managed to avoid being the only Dow component to fall into the red as shares rallied late in the day, finishing up fractionally amid news that CEO Paul Otellini will retire in May.
Lowe’s (NYSE:LOW) stock soared more than 6% after the retailer reported better-than-expected earnings that improved more than 75%, while also maintaining 2012 revenue and profit targets. Meanwhile, Tyson Foods (NYSE:TSN) rode a strong fourth quarter and upbeat forecasts to a nearly 11% gain.
Green Mountain Coffee (NASDAQ:GMCR) shares rose more than 11% as the company rolled out its new Keurig espresso machine, aimed at competing with Starbucks‘ (NASDAQ:SBUX) Verismo line and Nestle‘s (PINK:NSRGY) Nespresso machines.
Lastly, news that the Lumia 920 sold out in Germany lifted Nokia (NYSE:NOK) to the tune of 6%.
Marc Bastow is an Assistant Editor at InvestorPlace.com. As of this writing, he was long AAPL.
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