Investing.com - U.S. stocks opened higher on Monday, as hopes for progress in tackling the debt crisis in the euro zone lifted market sentiment, while investors eyed the release of U.S. manufacturing data later in the day.
During early U.S. trade, the Dow Jones Industrial Average rose 0.57%, the S&P 500 index advanced 0.54%, while the Nasdaq Composite index climbed 0.50%.
Sentiment improved after Spain's finance minister said the country is reviewing a financial aid proposal by the European Central Bank.
Earlier in the day, EU Commissioner Olli Rehn said that he doesn't expect the Spain's bank recapitlization to affect the structural deficit and added that Spain's 2012 deficit target is within reach.
Investors remained cautious however, as Moody's rating agency's was to give its latest review of Spain's sovereign rating, which may see it downgraded to junk status.
Separately, data earlier showing that manufacturing activity in China contracted for the second consecutive month in September, falling to the lowest level since November 2011, sparked fresh concerns over the outlook for growth in the world's second largest economy.
Financial stocks were sharply higher, led by Goldman Sachs, up 3.43%, and followed by Bank of America, whose shares jumped 1.93%, while Citigroup and JP Morgan rallied 2.02% and 1.51% respectively.
Over the weekend, Barron's said the Goldman Sachs' shares could rise 25% in the next year as capital markets improve, while, Guggenheim initiated coverage of Citigroup with a "buy" rating and a USD45 price target.
Meanwhile, Finnish phonemaker Nokia saw its U.S. traded shares climb 2.91%, after saying that it will allow Oracle's customers access to mapping services. Shares in Oracle advanced 0.86% following the news.
Also on the upside, Apple added 0.23%, even as the tech giant reported opening weekend sales for the iPhone 5 that missed some analysts’ estimates.
Last Friday, CEO Tim Cook apologized for releasing mapping software that provided wrong directions and the wrong locations of landmarks.
Across the Atlantic, European stock markets were sharply higher. The EURO STOXX 50 jumped 1.29%, France’s CAC 40 rallied 1.67%, Germany's DAX climbed 1.21%, while Britain's FTSE 100 advanced 1.28%.
During the Asian trading session, Japan’s Nikkei 225 Index dropped 0.83%, while markets in Hong Kong were closed for a national holiday.
Later in the day, the U.S. was to publish a report by the Institute for Supply Management on manufacturing PMI, while Federal Reserve Chairman Ben Bernanke was due to speak at the Economic Club of Indiana, in Indianapolis.
During early U.S. trade, the Dow Jones Industrial Average rose 0.57%, the S&P 500 index advanced 0.54%, while the Nasdaq Composite index climbed 0.50%.
Sentiment improved after Spain's finance minister said the country is reviewing a financial aid proposal by the European Central Bank.
Earlier in the day, EU Commissioner Olli Rehn said that he doesn't expect the Spain's bank recapitlization to affect the structural deficit and added that Spain's 2012 deficit target is within reach.
Investors remained cautious however, as Moody's rating agency's was to give its latest review of Spain's sovereign rating, which may see it downgraded to junk status.
Separately, data earlier showing that manufacturing activity in China contracted for the second consecutive month in September, falling to the lowest level since November 2011, sparked fresh concerns over the outlook for growth in the world's second largest economy.
Financial stocks were sharply higher, led by Goldman Sachs, up 3.43%, and followed by Bank of America, whose shares jumped 1.93%, while Citigroup and JP Morgan rallied 2.02% and 1.51% respectively.
Over the weekend, Barron's said the Goldman Sachs' shares could rise 25% in the next year as capital markets improve, while, Guggenheim initiated coverage of Citigroup with a "buy" rating and a USD45 price target.
Meanwhile, Finnish phonemaker Nokia saw its U.S. traded shares climb 2.91%, after saying that it will allow Oracle's customers access to mapping services. Shares in Oracle advanced 0.86% following the news.
Also on the upside, Apple added 0.23%, even as the tech giant reported opening weekend sales for the iPhone 5 that missed some analysts’ estimates.
Last Friday, CEO Tim Cook apologized for releasing mapping software that provided wrong directions and the wrong locations of landmarks.
Across the Atlantic, European stock markets were sharply higher. The EURO STOXX 50 jumped 1.29%, France’s CAC 40 rallied 1.67%, Germany's DAX climbed 1.21%, while Britain's FTSE 100 advanced 1.28%.
During the Asian trading session, Japan’s Nikkei 225 Index dropped 0.83%, while markets in Hong Kong were closed for a national holiday.
Later in the day, the U.S. was to publish a report by the Institute for Supply Management on manufacturing PMI, while Federal Reserve Chairman Ben Bernanke was due to speak at the Economic Club of Indiana, in Indianapolis.