Confidence that European leaders will soon resolve their differences to stabilize troubled economies lifted the financial sector to send the Dow leaping 146 points to 10,917. Nasdaq lost 11 points to 2471.
On the upside
American Eagle Outfitters (NYSE: AEO) chairman Jay Schottenstein purchased 1 million shares of company stock.
Longbow Research upgraded Safeway (NYSE: SWY) to a Neutral rating after workers approved a new labor contract.
Deutsche Bank (NYSE: DB) as investors regained confidence in European efforts to stabilize their financial markets.
On the downside
Shares of Molycorp (NYSE: MCP) continued falling after JPMorgan downgraded the rare earth metals firm last week.
The Mongolian government will renegotiate a development agreement with Ivanhoe Mines (NYSE: IVN) for the Oyu Tolgoi copper-gold project.
Standard & Poor's analyst Angelo Zino downgraded MEMC Electronic Materials (NYSE: WFR) on Friday to a Strong Sell rating and lowered his price target to $5.50.
In the broad market, declining issues outpaced advancers by a margin of more than 9 to 7 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks fell 45 points to 648.
