Retailers Punished, Tesla Rejected by BMW, Gold Shines at the Close




TheStreet TV show

Summary: A down day for stocks Monday, sparked by the disappointing start in holiday sales. All the major markets finished lower with the Nasdaq dropping to the most, ending its winning streak. Oil prices finally snapped their losing streak and were up big in today's trading. Crude futures rose more than 4% to settle at $69 a barrel. The rally in oil leaked over to other commodities. Gold futures reclaimed the $1200 mark for the first time in more than a year. Moody's downgrade of Japan added to the demand for the safe haven. Stocks related to the precious metal shined. Goldcorp (GG), Barrick Gold (ABX) and Newmont Mining (NEM) were all big gainers in the session. Best Buy (BBY) was just one of the many retailers that investors punished for a lackluster kick-off to the holiday shopping season. Shares were down about 5.5%. Telsa (TSLA) was down more than 5% on reports BMW is not interested in buying a stake in the electric car maker.