7 Stocks you need to know for Monday

The Dow closed higher by 64.59. The Nasdaq Composite gained 32.84. And the S&P 500 finished the day up 6.14.

Here are 7 Stocks You Need to Know for Monday.

Despite the failure of the Senate to pass automaker assistance legislation, both General Motors (GM | Quote | Chart | News | PowerRating) and Ford Motor Company (F | Quote | Chart | News | PowerRating) rallied over the course of the trading day on the possibility that TARP funds might be used to help the struggling car manufacturers.

Technology stocks led the markets on Friday with semiconductor stocks like KLA-Tencor Corporation (KLAC | Quote | Chart | News | PowerRating) among the day's better performers and up more than 6%. Meanwhile, former Intel (INTC | Quote | Chart | News | PowerRating) CEO Andrew Grove said in a Friday interview with the Wall Street Journal that Intel should begin developing batteries for plug-in electric cars to help diversify its operations.

Equitable Resources Inc. (EQT | Quote | Chart | News | PowerRating), an oil and natural gas company, will replace Transocean Inc. (RIG | Quote | Chart | News | PowerRating) in the S&P 500. RIG is changing its incorporation to Switzerland and as such can no longer remain in the S&P 500 Index.

Bank of America (BAC | Quote | Chart | News | PowerRating) announced that it would eliminate up to 35,000 jobs over the next three years as part of its acquisition of Merrill Lynch.