US stocks open busy week with gains

AFP , Monday 13 Apr 2015

US stocks rose in opening trade Monday with the Nasdaq moving back above 5,000 as a heavy week of earnings and economic data got underway.

About 30 minutes into trade, the Dow Jones Industrial Average was at 18,100, up 43.28 points (0.24 percent).

The broad-based S&P 500 rose 4.30 (0.20 percent) to 2,106.36, while the tech-rich Nasdaq Composite Index advanced 24.00 (0.48 percent) to 5,019.98.

Key earnings reports this week include JPMorgan Chase, Intel and General Electric. On Tuesday, the Commerce Department will release the March retail sales report.

The S&P 500 tacked on 1.7 percent last week following major deals involving GE, Royal Dutch Shell and others.

Chipmaker Qualcomm rose 1.9 percent on reports that activist investor Jana Partners urged the company to consider spinning off the unit that makes chips for mobile phones.

Apple gained 0.7 percent on reports estimating that nearly one million people ordered the Apple Watch on Friday, the first day it was available.

Sears rose 0.7 percent after announcing a joint venture with mall giant Simon Property Group, consisting of 10 Sears properties at Simon malls and cash from Simon. Simon added 0.1 percent.

Under Armour rose 1.1 percent after 21-year-old golfer Jordan Spieth won the Masters, tying the all-time record. Spieth is sponsored by the athletics apparel maker.

Bond prices were mixed. The yield on the 10-year US Treasury slipped to 1.94 percent from 1.95 percent Friday, while the 30-year held steady at 2.58 percent. Bond prices and yields move inversely.

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