Investing.com - U.S. stocks opened higher on Monday, ahead of the release of U.S. factory orders data and amid growing expectations for the Federal Reserve to begin tapering its stimulus program before the end of the year.
During early U.S. trade, the Dow Jones Industrial Average rose 0.25%, the S&P 500 index added 0.24%, while the Nasdaq Composite index edged up 0.12%.
Unexpectedly strong U.S. manufacturing data on Friday added to expectations that the Federal Reserve could start to taper its stimulus program as soon as next month.
Federal Reserve Bank of Dallas President Richard Fisher said Monday that the recent fiscal standoff in Washington counteracted the role of the Fed’s easy money policies in the economic recovery. The comments came during a speech in Sydney.
In earnings news, Kellogg reported a gain in quarterly profit, helped by a decline in cereal-making costs, sending shares up 2.57%. The food manufacturer also said it would cut nearly 7% of its workforce by 2017.
Berkshire Hathaway rose 0.36% after saying on Friday that third-quarter profit jumped 29%, thanks to investments and gains at non-insurance businesses including railroad Burlington Northern Santa Fe.
Adding to gains, private equity firm Blackstone Group reportedly agreed to buy a 40% stake in Chinese shopping mall developer and operator SCP Co, sending shares up 1.63%.
Also in the financial sector, JPMorgan Chase added 0.32% after saying the U.S. Department of Justice is conducting at least eight separate investigations into the bank’s activities, ranging from recruitment in Asia to its relationship with Ponzi scheme operator Bernard Madoff.
Among tech stocks, Blackberry said it is abandoning a plan to sell itself and will instead raise some USD1 billion and replace its chief executive. The news sent shares diving 16.15% after being temporarily halted.
Other stocks likely to be in focus included Tenet Healthcare, Anadarko Petroleum, Marathon Oil and Plains All American, all scheduled to report quarterly earnings later in the day.
Across the Atlantic, European stock markets were higher. The EURO STOXX 50 gained 0.46%, France’s CAC 40 advanced 0.40%, Germany's DAX rose 0.40%, while Britain's FTSE 100 climbed 0.61%.
During the Asian trading session, Hong Kong's Hang Seng Index fell 0.26%, while Japan’s Nikkei 225 Index remained closed for a public holiday.
Later in the day, the U.S. was to release data on factory orders.
During early U.S. trade, the Dow Jones Industrial Average rose 0.25%, the S&P 500 index added 0.24%, while the Nasdaq Composite index edged up 0.12%.
Unexpectedly strong U.S. manufacturing data on Friday added to expectations that the Federal Reserve could start to taper its stimulus program as soon as next month.
Federal Reserve Bank of Dallas President Richard Fisher said Monday that the recent fiscal standoff in Washington counteracted the role of the Fed’s easy money policies in the economic recovery. The comments came during a speech in Sydney.
In earnings news, Kellogg reported a gain in quarterly profit, helped by a decline in cereal-making costs, sending shares up 2.57%. The food manufacturer also said it would cut nearly 7% of its workforce by 2017.
Berkshire Hathaway rose 0.36% after saying on Friday that third-quarter profit jumped 29%, thanks to investments and gains at non-insurance businesses including railroad Burlington Northern Santa Fe.
Adding to gains, private equity firm Blackstone Group reportedly agreed to buy a 40% stake in Chinese shopping mall developer and operator SCP Co, sending shares up 1.63%.
Also in the financial sector, JPMorgan Chase added 0.32% after saying the U.S. Department of Justice is conducting at least eight separate investigations into the bank’s activities, ranging from recruitment in Asia to its relationship with Ponzi scheme operator Bernard Madoff.
Among tech stocks, Blackberry said it is abandoning a plan to sell itself and will instead raise some USD1 billion and replace its chief executive. The news sent shares diving 16.15% after being temporarily halted.
Other stocks likely to be in focus included Tenet Healthcare, Anadarko Petroleum, Marathon Oil and Plains All American, all scheduled to report quarterly earnings later in the day.
Across the Atlantic, European stock markets were higher. The EURO STOXX 50 gained 0.46%, France’s CAC 40 advanced 0.40%, Germany's DAX rose 0.40%, while Britain's FTSE 100 climbed 0.61%.
During the Asian trading session, Hong Kong's Hang Seng Index fell 0.26%, while Japan’s Nikkei 225 Index remained closed for a public holiday.
Later in the day, the U.S. was to release data on factory orders.