NEW YORK: US stocks were trading higher early Monday at the start of a shortened holiday week, as investors await news on key appointments from the incoming presidential administration.
A half-hour into trading session, the blue-chip Dow Jones Industrial Average was 0.3 percent higher at 18,922.86. The broader S&P 500 rose 0.5 percent to 2,192.87 and the Nasdaq gained 0.7 percent to 5,359.42.
Among the heaviest losers on the Dow, manufacturing conglomerate 3M, the maker of Scotch adhesive tape and Post-it notes, was roughly 1 percent lower after Goldman Sachs downgraded the company to "sell" due to rising commodities costs and other obstacles to growth.
Shares in Facebook rose 2 percent following Friday's announcement that the social media network would buy back as much as $6 billion of its stock in the first quarter of next year.
Oil-related stocks were among the Dow's major gainers, with the price of oil trading higher early Monday. Exxon Mobile and Chevron were both up roughly 1.3 percent.
Processed meat behemoth Tyson Foods sank 16 percent after reporting lower-than-expected quarterly profits on falling sales. The company announced Monday that Chief Executive Donnie Smith will step down and the end of the year.
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