New York, Oct 12 (IANS) The US stocks opened mildly higher on Monday as investors appeared to take a pause after last week’s solid gains.
Last week, the S&P 500 surged 3.3 percent, its best week for 2015. The Dow Jones Industrial Average and the Nasdaq Composite Index also witnessed big gains, increasing by 3.7 percent and 2.6 percent, respectively, reports Xinhua news agency.
There is no major economic data due out Monday. Volumes for the session were expected to be thin, as most banks, federal institutions and the US bond markets are closed for the Columbus Day holiday.
Investors also keep a close eye on the third-quarter earnings season, which will get into full swing as a batch of financial companies report quarterly results later this week.
Chinese shares surged on Monday, with the benchmark Shanghai Composite Index spiking 3.28 percent, as investors gained confidence from the central bank’s latest move to expand a pilot program to ease monetary flows by cutting loan costs.
Shortly after the opening bell, the Dow rose 9.89 points, or 0.06 percent, to 17,094.38. The S&P 500 edged up 1.00 point, or 0.05 percent, to 2,015.89. The Nasdaq Composite Index added 9.56 points, or 0.20 percent, to 4,840.03.
On Friday, the US stocks ended mildly higher, with the Dow notching a six-session winning streak, as investors continued to digest minutes from the US Federal Reserve’s September meeting.