Investing.com - U.S. stocks opened higher on Monday, as investor confidence strengthened following news that Spain was to receive a European Union bailout, but concerns over the euro zone’s debt crisis persisted.
During early U.S. trade, the Dow Jones Industrial Average rose 0.38%, the S&P 500 index gained 0.30%, while the Nasdaq Composite index added 0.14%.
On Saturday, the EU agreed to lend Spain as much as EUR100 billion that Madrid will use to recapitalize its banks.
But investors remained cautious as details of the Spanish bailout agreement remained unclear, with the exact amount Spain is to receive still to be decided, after the results of independent banking audits are published later this month.
Meanwhile, uncertainty over the outcome of a Greek general election on June 17, which could determine the course of the country’s future in the euro zone, also weighed.
Sentiment was also supported by data over the weekend showing that China's exports jumped in May from a year earlier, while imports also rose more-than-expected.
Financial stocks were broadly higher, as shares in JP Morgan surged 1.51% and Bank of America climbed 0.93%, while Citigroup and Goldman Sachs advanced 0.65% and 0.14% respectively.
Goldman Sachs was reportedly close to striking a deal over the sale of its hedge fund administration business State Street Corp. According to the Financial Times, the move would create the largest administration services provider to hedge funds worldwide.
Elsewhere, shares in Apple jumped 0.97% as the annual Worldwide Developers Conference was starting in San Francisco, with the company expected to unveil details of its new operating system, iOS6.
Boeing added 0.59% although the International Air Transport Association said earlier that it expects the U.S. airline company’s profit to decline USD3 billion this year, down from USD7.9 in 2011.
Meanwhile, American Airlines said it still plans to exit bankruptcy at the end of this year but is not concentrating on a merger despite pressure from unions to forge a combination with US Airways.
In the Internet sector, LinkedIn Corp., criticized for inadequate network security after hackers exposed millions of its users' passwords, saw shares rise 0.53% after saying on Saturday it had finished disabling all affected accounts and did not believe other members were at risk.
Also in company news, General Electric Co. added 0.49% after announcing its decision to invest USD900 million in Turkish infrastructure development projects over the next three years.
Across the Atlantic, European stock markets were higher. The EURO STOXX 50 jumped 0.87%, France’s CAC 40 climbed 0.57%, Germany's DAX rallied 1.02%, while Britain's FTSE 100 rose 0.26%.
During the Asian trading session, Hong Kong's Hang Seng Index surged 2.4%, while Japan’s Nikkei 225 Index jumped 2%.
During early U.S. trade, the Dow Jones Industrial Average rose 0.38%, the S&P 500 index gained 0.30%, while the Nasdaq Composite index added 0.14%.
On Saturday, the EU agreed to lend Spain as much as EUR100 billion that Madrid will use to recapitalize its banks.
But investors remained cautious as details of the Spanish bailout agreement remained unclear, with the exact amount Spain is to receive still to be decided, after the results of independent banking audits are published later this month.
Meanwhile, uncertainty over the outcome of a Greek general election on June 17, which could determine the course of the country’s future in the euro zone, also weighed.
Sentiment was also supported by data over the weekend showing that China's exports jumped in May from a year earlier, while imports also rose more-than-expected.
Financial stocks were broadly higher, as shares in JP Morgan surged 1.51% and Bank of America climbed 0.93%, while Citigroup and Goldman Sachs advanced 0.65% and 0.14% respectively.
Goldman Sachs was reportedly close to striking a deal over the sale of its hedge fund administration business State Street Corp. According to the Financial Times, the move would create the largest administration services provider to hedge funds worldwide.
Elsewhere, shares in Apple jumped 0.97% as the annual Worldwide Developers Conference was starting in San Francisco, with the company expected to unveil details of its new operating system, iOS6.
Boeing added 0.59% although the International Air Transport Association said earlier that it expects the U.S. airline company’s profit to decline USD3 billion this year, down from USD7.9 in 2011.
Meanwhile, American Airlines said it still plans to exit bankruptcy at the end of this year but is not concentrating on a merger despite pressure from unions to forge a combination with US Airways.
In the Internet sector, LinkedIn Corp., criticized for inadequate network security after hackers exposed millions of its users' passwords, saw shares rise 0.53% after saying on Saturday it had finished disabling all affected accounts and did not believe other members were at risk.
Also in company news, General Electric Co. added 0.49% after announcing its decision to invest USD900 million in Turkish infrastructure development projects over the next three years.
Across the Atlantic, European stock markets were higher. The EURO STOXX 50 jumped 0.87%, France’s CAC 40 climbed 0.57%, Germany's DAX rallied 1.02%, while Britain's FTSE 100 rose 0.26%.
During the Asian trading session, Hong Kong's Hang Seng Index surged 2.4%, while Japan’s Nikkei 225 Index jumped 2%.