After a long weekend of worry following Friday's jobs data, traders quickly took advantage of an early selloff and bid up U.S. stocks back into positive territory. When the dust settled on Monday, the major market averages gained more than 0.6% across the board. Elsewhere, spot gold prices rallied 1% and the yield on the benchmark 10-year Treasury note added six basis-points from Friday, to 1.899%.
The energy sector was the big winner of the session, as crude oil prices gains 6%. Denbury Resources (DNR) and TransOcean (RIG) were two energy stocks that posted double-digit percentage gains Monday on high volume.
In after-hours news, Viacom (VIA.B) announced some restructuring efforts that are expected to drive $350 million of annual cost savings. The company is shrinking its networks divisions from three to two units and will recognize a $785 million pre-tax charge in the current quarter. Perhaps most importantly, management said they would suspend the share buyback program until at least October.
Looking ahead to Tuesday morning, it will be relatively quiet on the economic front. Greenbrier (GBX) and Schnitzer Steel (SCHN) headline a light earnings calendar.
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