US stocks open holiday week on upbeat note
New York (AFP) –
Wall Street opened the holiday-shortened week on an upbeat note on Monday, as investors awaited a pair of economic data releases as well as monthly car sales.
About 10 minutes into trading on the day before the July 4 holiday, the Dow Jones Industrial average jumped nearly 0.6 percent to 21,467.77, while the broad-based S&P 500 was up 0.5 percent to 2,435.96.
The tech-rich Nasdaq added 0.3 percent to 6,160.03.
"It's shaping up to be a firecracker start for the equity market on this first -- and abbreviated -- trading day of July," Briefing.com analyst Patrick O'Hare said in a commentary.
"It's challenging to put one's finger on exactly why the stock market has a positive leaning. Our first impression of matters is that the news flow has a generally supportive hue to it."
He noted the stronger-than-expected jump in China's Caixin manufacturing index, and a similar increase in the eurozone index.
US markets are awaiting a government report on construction spending as well as the closely-watched manufacturing index from the Institute for Supply Management.
Tesla jumped two percent after CEO Elon Musk announced via Twitter that the mid-priced Model 3 would roll off the assembly line on Friday, two weeks ahead of schedule after receiving regulatory approval to begin production.
The market will close at 1:00 ET (1700 GMT) Monday for the holiday.
© 2017 AFP