Casino stocks with exposure to Macau rallied Monday on news its government is considering easing smoking bans on casino floors. Las Vegas Sands (LVS), Wynn Resorts (WYNN), Melco Crown (MPEL) and MGM Resorts (MGM) were trading higher. Stocks extended gains throughout the morning after Greece reached an agreement with European creditors for additional bailout funds. The Greek chapter hasn't been closed yet, though, with the country's parliament still to vote on the deal's terms on Wednesday. Groupon (GRPN) spiked after analysts at Macquarie upgraded shares to OUTPERFORM from NEUTRAL. The firm said the revision was justified given a recent pullback in the company's share price.
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How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.