U.S. stocks rose on Monday, with retailers including Urban Outfitters gaining as investors bet lower gasoline prices will translate into increased sales as consumers shop for holiday gifts.
"It's a theme we're moving back to again, it's all about the consumer. This is Black Friday, and we have more confident consumers going out shopping this year, especially because of lower gas prices," Chris Gaffney, senior market strategist at EverBank, said of the unofficial start to the holiday shopping season.
Tetraphase Pharmaceuticals surged after Bloomberg News reported the biotechnology company was exploring a sale. Platinum Underwriters Holdings rose after the reinsurer said RenaissanceRe Holdings would purchase it.
United Technologies fell after the maker of elevators, helicopters and jet engines said Chief Executive Officer Louis Chenevert had retired and was being replaced by the company's finance chief.
Monday's economic data had the U.S. services sector expanding in November at a slower rate than the prior month as growth in new business slowed.