A rally in oil prices lifted recently-crushed energy stocks, helping to start the week off strong for stocks. Bobbi Rebell reports.
A big spike higher in commodities prices lured investors into riskier assets, driving Wall Street higher. That comes atop last week's nearly three percent rally. But this rebound doesn't have legs, says Katie Stockton of BTIG: SOUNDBITE: KATIE STOCKTON, CHIEF TECHNICAL STRATEGIST, BTIG (ENGLISH) SAYING: "It could be short covering, it could be the bounce in oil. But to me, I think we really need to look at it as something that's short-term at this point, nothing more." Lumber Liquidators shed a big chunk of its value despite its contention that it strengthened its quality controls. A federal agency report said people exposed to some of the company's laminate flooring were three times more likely to get cancer than it had previously estimated. Groupon extending its recent rally after Goldman Sachs raised the daily deals site's price target. Investors bought shares of Allergan after the drug maker narrowed its quarterly loss and boosted revenue 38 percent at its U.S. brands business. Sysco shares dropped after the U.S.' largest food distributor said it's buying its British counterpart, Brakes Group, for more than $3 billion. In Europe, mining and basic materials stocks helped fuel a strong rally.