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US Stocks Open Higher, Led By Health Care, Banks

In Europe, stock indexes rose after a mixed set of economic indicators for the region. While unemployment in the 17 countries that use the euro rose to another record high in May, manufacturing picked up in Britain, France and Italy and stabilized in Spain.

Germany's DAX index rose 0.3 percent and Britain's FTSE 100 index climbed 1.5 percent.

The yield on the 10-year Treasury note was unchanged from Friday at 2.49 percent. The note's yield surged to 2.66 percent last Monday as investors worried that the Fed was poised to reduce on its bond purchases. The yield on the 10-year Treasury note is used to set interest rates on many kinds of loans including home mortgages.

In commodities trading, the price of oil climbed $1.43, or 1.5 percent, to $97.99 a barrel. The price of oil rose on concerns that unrest in Egypt, the largest Arab nation, could spread and affect the transport of oil supplies in the Middle East and Africa.

Gold rose $32, or 2.6 percent, to $1,255.70 an ounce.

Trading will be curtailed this week due to the Independence Day holiday Thursday. The New York Stock Exchange will close at 1 p.m. on Wednesday and reopen on Friday.

Among stocks making big moves:

â¿¿ Onyx Pharmaceuticals surged $44.51, or 51 percent, to $131.33 after the company rejected a takeover bid from Amgen, a larger biotechnology company. Onyx said other companies have expressed interest in a buyout.

â¿¿ Cablevision rose $1.62, or 9.6 percent, to $18.44 after Reuters reported that Time Warner Cable is considering making a bid for the company.

â¿¿ Best Buy rose $2.41, or 8.8 percent, to $29.74 after Credit Suisse resumed its coverage of the stock with an "outperform" rating and a target price of $42. Analysts at the investment bank believe that the company's new approach to serving customers will help it increase its earnings.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Chart of I:DJI
DOW 17,813.39 +1.20 0.01%
S&P 500 2,088.87 -0.27 -0.01%
NASDAQ 5,116.1430 +13.3350 0.26%

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