The Nasdaq composite led Monday as the stock market closed sharply higher and retailers basked in signs of a strong Cyber Monday.
XThe Nasdaq added 2.1%, its best day since Nov. 7. The S&P 500 climbed 1.6% and the Dow Jones industrial average 1.5%.
Volume rose sharply after the market closed three hours early Friday in a post-Thanksgiving shortened session.
Indexes opened higher Monday but faded around midday. Buyers came back in the afternoon, causing the market to close near session highs.
While gains were strong, all major indexes remained below their 200-day moving averages. IBD's market outlook is that the market is in a correction, and Monday's big gains did not change that.
The technology sector was one of the strongest sectors, with a number of software industry groups rising more than 2%. Internet, data storage and semiconductors also were leaders.
Apple (AAPL) shares saw seesaw trading Monday, closing 1.4% higher. The company appeared to suffer a setback Monday, when the U.S. Supreme Court sounded inclined to allow an antitrust lawsuit against the company's App Store. Apple is 25% off its prior high and still in a steep decline, with so sign of a bottom so far.
Retail was the sector to watch Monday, after a promising start to the holiday shopping season.
IBD's internet retail industry group was one the day's best after Amazon.com (AMZN), Etsy (ETSY), MercadoLibre (MELI) and other online sellers rallied.
Amazon.com rose more than 5% in volume modestly below average.
Cyber Monday sales are expected to be the largest U.S. online shopping day. That follows an estimated 28% jump in online sales for Black Friday.
Consumer electronics stores, apparel chains, department stores and jewelry sellers were among the top 25 of 197 industry groups.
Automakers were Monday's best industry groups after General Motors (GM) surged nearly 5% on news of a restructuring plan. GM will double investments in electric and self-driving cars in the next two years.
It will also cut back on car models and make more SUVs. The plans mean GM will halt production next year at assembly plants in Ontario, Detroit and Ohio, and also stop work at other plants.
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