U.S. stocks closed higher on Monday, as the S&P 500 ended the session at a new record high, after investors continued to weigh whether the Federal Reserve will announce a possible taper scenario at next week’s FOMC meeting on Dec. 17-18.
The Dow Jones industrial average rose 5.33 points or 0.03 percent, to close at 16,025.53. The S&P 500 Index gained 3.28 points or 0.18 percent, to end at a record closing high of 1,808.37. The Nasdaq Composite rose 6.23 points or 0.15 percent, to finish at 4,068.75.
Shares of American Airlines Group Inc. (NASDAQ: AAL), which filed for bankruptcy in November 2011, kicked off trading on the Nasdaq under the symbol “AAL” after finalizing a merger with US Airways to form the world's largest airline company. The Supreme Court declined to challenge the merger of American Airlines parent AMR and U.S. Airways on Saturday.
"We are taking the best of both US Airways and American Airlines to create a formidable competitor, better positioned to deliver for all of our stakeholders,” said Doug Parker, chief executive officer of American Airlines and the former chairman and CEO of US Airways. “We look forward to integrating our companies quickly and efficiently so the significant benefits of the merger can be realized."
The new American Airlines Group stock rose 2.71 percent on Monday to close at $24.60 per share, and the airline’s stock edged up 0.20 percent to $24.65 in after-hours trading.
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After the closing bell, shares of General Motors Company (NYSE: GM) edged up 0.51 percent to $41.11 in extended-hours trading on news the Treasury Department had sold all of its remaining shares in the automaker. The U.S. Department of Treasury said it recovered $39 billion from selling its GM stock, and had put $49.5 billion of taxpayer money into the GM bailout.
“The President’s leadership in responding to the financial crisis helped stabilize the auto industry, and prevent another Great Depression.With the final sale of GM stock, this important chapter in our nation's history is now closed," said Treasury Secretary Jack Lew.
On Monday, shares of the car manufacturer closed up 73 cents, or 1.82 percent, to $40.90.
In other news, Abercrombie & Fitch Co. (NYSE: ANF) announced it has renewed its contract with Chief Executive Officer Mike Jeffries, who’s contract was set to expire on February 1, sending shares of the teen retailer down 2.21 percent to close at $34.10.
"Mike is a visionary in this industry and has been responsible for reinventing, creating and evolving today's Abercrombie & Fitch and Hollister brands,” said Craig Stapleton, Lead Independent Director of the Board at Abercrombie & Fitch. “Under his direction, Abercrombie & Fitch has grown from just 36 domestic stores and $50 million in sales in 1992 to having a global presence and over $4 billion in sales today. Mike and his team have developed a long-term plan that builds upon past successes, while targeting the specific challenges that the company faces today. We believe he is the right person to embark on this plan, which we believe will deliver substantial and sustainable value."
Abercrombie & Fitch's stock edged up 0.59 percent to $34.30 per share in extended-hours trading.
Ahead on Tuesday’s economic calendar, investors will be watching the NFIB small business index report for November and wholesale inventories data for October.