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.