U.S. stocks declined on Monday for their worst performance in nearly a month, weighed down by a pullback in the financial and consumer discretionary sectors as some investors booked profits on the heels of a record-setting week. Bobbi Rebell reports.
U.S. stocks backed off record high levels on weakness in financial and consumer discretionary stocks. Investors taking profits after a record setting week. Among the biggest drags on the S&P 500: Wells Fargo and Bank of America. Oil prices gained more than two percent in volatile trading, as the market reacted to the shaky prospect of major OPEC producers being able to agree output cuts at a meeting on Wednesday. Robert Yawger of Mizuho Securities is doubtful. (SOUNDBITE) ROBERT YAWGER, DIRECTOR FUTURES DIVISION, MIZUHO SECURITIES USA, (ENGLISH) SAYING: "I think the most likely scenario, probably a fifty percent chance is, there is some sort of wishy-washy agreement, where it is a watered down agreement, where the quotas are really not tight. The ability to verify production cuts is not all that good." Time Inc jumped after the New York Post reported that the publisher had rejected a takeover bid from billionaire investor Edgar Bronfman Jr. U.S. shoppers snapping up online deals. Cyber Monday sales were on track to finish up 9.4 percent at $3.36 billion according to Adobe Digital Insights. European shares fell on concerns about Italy's banking system.