Stocks closed the session little changed on Monday. A drop in oil prices was countered by gains in consumer discretionary stocks. Leah Duncan reports.
U.S. stocks ended Monday's session, as consumer discretionary gains helped counter losses in energy shares. Nicholas Colas of Convergex: (SOUNDBITE) NICHOLAS COLAS, CHIEF MARKET STRATEGIST, CONVERGEX (ENGLISH) SAYING: "It'd be better to have stocks trading independently of any other asset class. But, additionally, our math shows that correlation among different sectors in the S&P is also declining. That's a very positive sign." Also spurring stocks: merger Monday. Starwood Hotels the day's biggest gainer on the S&P 500 after receiving an unsolicited all-cash $12.8 billion offer from a China-led consortium. That could derail Marriott's deal to take over Starwood. Fresh Market's shares soared after it said it's being acquired by private equity firm Apollo Global Management for $1.4 billion. Specialty grocers are being squeezed by the likes of Walmart, Kroger, and Whole Foods. Investors put 3D Systems stock into their shopping carts. The 3D printer maker's quarterly revenue fell but beat expectations. Finish Line shares moved lower after Credit Suisse cut its price target. The brokerage says the footwear retailer continues to deal with supply chain issues. In Europe, a rally in mining and auto stocks drove shares higher.