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All major indexes gained today after a lethargic trading session on Monday. Again, the Dow hit a new record close as all three major indexes gained about 0.6% today.Over the past couple of weeks, energy stocks have taken a big hit due to falling oil prices. However, oil stocks were big gainers for the Dow on Tuesday. Exxon Mobile (XOM), British Petroleum (BP) and Chevron (CVX) all gained more than 2% today, even though oil prices fell another 3%. According to Reuters, much of what drove oil stocks higher today was due to a rumored potential takeover bid of BP from Shell.
Some positive economic news was heard today as well: Newly built homes and schools boosted construction spending in October to the highest level since May. The Commerce Department said construction spending rose 1.1% in October, after having slipped 0.1% in September. This news bodes well for the bulls going into the holiday season.
And in retail news, Cyber Monday proved just as big a draw as ever after a weekend that saw fewer people shopping in stores. Sales grew 8.5% for the 24-hour period, according to IBM Digital Analytics, solidifying Monday as the largest online shopping day of the year. Shoppers spent an average of $124.21 per order, down 3.5% from last year, though the number of transactions was up and people bought more items on average per order
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