The Closing Bell, 11/30: Buyers flock to Commerce Bancshares

The final day of November brought out the buyers in Commerce Bancshares stock.

Shares in the bank holding gained $1.61 Monday to close at $40.20. There was no apparent news that pushed the stock higher.

It was the biggest point gainer among regional stocks. Waddell & Reed clocked in with a gain of 70 cents, while GPS leader Garmin fell $1.13.

In the broad market, investors shook off some their worries about the strength of holiday sales and Dubai’s financial problems, and extended the stock market’s big November gain.

Stocks fluctuated through the day Monday, but traders ultimately were not deterred by reports that retail sales were overall uninspiring during the Thanksgiving weekend.
Media reports that Dubai is working to restructure its debt gave stocks a late-day lift, while demand for safe havens like the dollar fell.

Stocks turned in their best monthly performance since July. The major stock indexes were up more than 5 percent.

According to preliminary calculations, the Dow Jones industrial average gained 34.92 points, or 0.34 percent, and closed at 10,344.84.

The Standard & Poor’s 500 index rose 4.14 points, or 0.38 percent, and closed at 1,095.63. The Nasdaq composite index added 6.16 points, or 0.29 percent, and closed at 2,144.60.

An early reading of the KansasCity.com index of 145 regional companies showed a gain of 3.20 points, or 0.52 percent, at 623.74.
Among Kansas City area companies of interest:
I Cerner Corp. closed at $75.29, down 9 cents.

I Capitol Federal Financial closed at $29.18, down 1 cent.
I Commerce Bancshares Inc. closed at $40.20, up $1.61.

I DST Systems Inc. closed at $42.48, up 42 cents.

I Garmin Ltd. closed at $29.88, down $1.13.

I Great Plains Energy closed at $17.80, down 5 cents.

I H&R Block Inc. closed at $20.30, down 9 cents.

I Kansas City Southern closed at $28.63, up 27 cents.

I Sprint Nextel Corp. closed at $3.71, down 4 cents.

I UMB Financial Corp. closed at $39.30, up 30 cents.

I Waddell & Reed Financial Corp. closed at $29.13, up 70 cents.

I YRC Worldwide Inc. closed at $1.13, up 1 cent.

The Closing Bell is compiled from staff and wire reports by Steve Rosen. Call him at 816-234-4879 or send e-mail to srosen@kcstar.com. A recap of the day’s markets activity is available in the Business section of The Kansas City Star.