Stocks Rally as Madoff Gets 150 Years
Stocks rallied Monday as Bernie Madoff received the maximum sentence and oil topped $71 a barrel.
Saying symbolism is important, a judge sentenced convicted Ponzi swindler Bernard Madoff to 150 years in prison.
Oil stocks rose as crude gained more than $1, topping $71 a barrel.
Investors will also be looking to economic data for signs of recovery. On tap this week are reports on manufacturing, pending-home sales and unemployment.
Fast-food giant Wendy's saw its shares pop after Barron's wrote that the company could be significantly undervalued and poised for a sharp move higher.
Drug stocks were mostly lower. But Sanofi Aventis rose after a Financial Times report that the Paris-based pharmaceutical was preparing to make acquisitions to strengthen its position in the industry.
UBS rose after the Swiss bank said it will pay it will pay between $2.77 billion and $4.62 billion to settle a US tax probe.
But most bank stocks were lower, including Citigroup and Bank of America .
State Street shares slipped after the bank received a "Wells Notice" from the Securities and Exchange Commission regarding a probe into various investment moves in 2007 and in prior periods. State Street said it is cooperating with the inquiry.
Viacom shares rose after "Transformers" proved to be a summer blockbuster for the media giant, raking in $201.2 millionin the five days since it hit theaters Wednesday. Hasbro, which has the licensing rights to "Transformer" products, saw its shares decline. One analyst projected the movie tie-in products could contribute $550 millionto Hasbro's sales this year.
MONDAY: Manufacturing reports from Dallas, Chicago Fed branches; Earnings from H&R Block
TUESDAY: Case-Shiller home-price index; leading indicators; Conf. Board consumer confidence; Fed's Bullard, Hoenig and Yellen speak
WEDNESDAY: Weekly mortgage applications; ISM manufacturing index; construction spending; pending-home sales; weekly crude inventories; Fed's Evans speaks
THURSDAY: Weekly jobless claims; May jobs report; factory orders
FRIDAY: All U.S. financial markets closed for the Independence Day holiday
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