Though there was an expectation of some profit taking in the early going, stocks are showing some modest gains in early trading on Monday.
There has been a lackluster start to the session, but shares have rallied a bit recently. The Dow is up 28 points. The Nasdaq is higher by 9 points. The S&P 500 is posting a gain of about 2 points.
Going into the session, the futures had indicated some profit taking at the start of trading. This followed some notable gains at the end of last week, when the markets benefited from some relatively upbeat U.S. economic data as well as the latest news out of Europe.
Europe remains a key focus on Wall Street.
German Chancellor Angela Merkel and Italian Prime Minister Mario Monti have again vowed to defend the euro. The two leaders made the pledge during a phone conversation on Sunday. They also stated that the decisions made at the EU summit last month must be implemented as quickly as possible.
While the bulk of earnings season is over, some noteworthy reports are still coming out.
Arch Coal Inc. (ACI) said Friday it slipped to a loss for the second quarter. The miner incurred mine closure and impairment charges amid persisting weakness in U.S. coal demand. Nonetheless, the company's results were better than Wall Street analysts had predicted.
Shares of Arch Coal are basically unchanged on the day.
In other news, CB&I (CBI) has reached a definitive merger deal to acquire Shaw Group (SHAW) for around $3 billion. The company will pay $46 per share in a cash and stock transaction.
CB&I is down 5.41, or 13 percent, in early trading. Shares of the acquiring company usually decline after a merger is announced. Shaw Group has advanced $15.66, or 59 percent, in early trading.
European stocks are gaining ground. Germany is up 0.9 percent. The U.K. is higher by 1 percent. France is lagging a bit with a gain of 0.7 percent.
Asian stocks have finished higher in today's trading. Japan advanced 0.8 percent. Hong Kong climbed 1.6 percent.
by RTT Staff Writer
For comments and feedback: email@example.com