Market Wrap-Up

There was plenty that happened over the weekend that should have popped stocks during Monday's trading session. At an oil industry summit, Saudi Arabia announced it would increase daily production by 200,000 barrels the rest of the year. Plus, it said it would make attempts to increase its output capacity to record levels over the next decade. That one-two combination was supposed to quiet the growing international concern over rising oil prices and the increasing spotlight being put on speculators. But come Monday that news didn't seem to calm traders. Oil gained over $1.50 a barrel to close at $137.

There was also some weekend M&A action to contend with. Bunge Limited, an agribusiness and food company, agreed to buy Corn Products International, a major refiner of that crop, for around $4.8 billion. Republic Services will buy Allied Waste for about $6.1 billion, making the combined company one of the country's largest waste-disposal firms.

Meanwhile, another round of analysts downgraded parts of the financial-services industry or cut its earnings projections. Regional bank stocks fell once again on the news. Citigroup announced it would slash 10% of its investment banking staff.

All that made for a rather ho-hum day on Wall Street. The Dow Jones Industrial Average gained just .67 points to 11,843.

Winners

After the revelations coming out of Saudi Arabia over the weekend, we expected a little more action in the price of oil. But Monday's movers were the firms that actually get black gold out of the ground and to the gas station. The

iShares Dow Jones U.S. Oil & Gas Exploration & Production ETF

SPDR Select Energy fund

Losers

The skittishness surrounding regional banks continued to grow Monday. Many traders have pegged this sector as the next to succumb to the credit crisis. The

SPDR KBW Regional Banking fund

IShares Dow Jones U.S. Regional Banks

Tuesday's Notebook

Earnings

Tuesday: 3Com, Apogee Enterprises, Darden Restaurants, H.B. Fuller, Jabil Circuit, Sonic, Kroger

Economic Data
Tuesday: Chain Store Sales (7:45 a.m.), Retail Sales (8:55 a.m.), Case/Shiller Home Price Index (9 a.m.), Conference Board Consumer Confidence (10 a.m.), Richmond Fed Manufacturing index (10 a.m.)

Quick Take

A look at how the industry's most popular ETFs did on Monday.