U.S. Stocks Open Week to the Upside
Updated from 7:03 a.m. EST
Stocks in New York opened with gains Monday, as the U.S. and China each unveiled new plans to prop up companies and economies wounded by the financial crisis.
The
Dow Jones Industrial Average
was up 207 points to 9151, and the
S&P 500
climbed 10 to 941. The
Nasdaq
was adding 30 points to 1677.
Financial firms were in focus as Monday's session got under way. Troubled insurer
(AIG) - Get American International Group Inc. Report
received a revamped $150 billion bailout package from the U.S. government and reported a third-quarter loss of $24.47 billion, or $9.05 a share, compared with year-earlier net income of $3.09 billion, or $1.19 a share.
closed higher following China's announcement of a $586 billion stimulus package to bolster consumer and business confidence. European indices, including the FTSE in London and the DAX in Frankfurt, also were marking gains.
Back in the U.S.,
TheStreet Recommends
(C) - Get Citigroup Inc. Report
is in talks to acquire a bank, according to a report in the
Wall Street Journal
. Earlier this year, Citi had been a suitor to
Wachovia
(WB) - Get Weibo Corporation Report
, only to have its offer trumped by
Wells Fargo
(WFC) - Get Wells Fargo & Company Report
.
Outside the financials, power company
(NRG) - Get NRG Energy Inc. Report
late Sunday rebuffed a $6.08 billion buyout offer from
Exelon
(EXC) - Get Exelon Corporation Report
.
Electronics retailer
Circuit City
(CC) - Get Chemours Company (The) Report
filed for Chapter 11 bankruptcy protection Monday.
Shipping company
Deutsche Post
said it would cut 9,500 jobs and reduce U.S. operations of its DHL Express business.
On the
side, financial conglomerate
Berkshire Hathaway
(BRK.A) - Get Berkshire Hathaway Inc. Report
announced a 77% decline in third-quarter profit that owed in part to unrealized losses on derivatives and other securities.
Telecom firm
Nortel Networks
( NT) announced a third-quarter loss and said it would cut its head count by 1,300.
Meanwhile, mortgage company
Fannie Mae
( FNM) reported a $29 billion loss for the third quarter.
Meat products producer
Tyson Foods
(TSN) - Get Tyson Foods Inc. Report
announced an increase in third-quarter earnings, and fast-food concern
McDonald's
(MCD) - Get McDonald's Corporation Report
said global same-store sales increased 8.2% in October.
Looking at commodities, crude oil was climbing $3.69 to $64.73. Gold was up $25 to $759.20 an ounce.
Longer-dated U.S. Treasury securities were mixed. The 10-year note was losing 5/32 to yield 3.81%, and the 30-year was even in price to yield 4.27%. The dollar was losing ground vs. the euro and pound but gaining on the yen.
