US stocks climb in opening trade

NEW YORK: US stocks got off to a positive start Monday after European officials over the weekend worked on plans to stem the eurozone debt crisis and Caterpillar reported better-than-expected earnings.

The Dow Jones Industrial Average rose 31.38 points (0.27 percent) to 11,840.17 in the first five minutes of trade.

The tech-heavy Nasdaq Composite added 11.98 points (0.45 percent) to 2,649.44, while the S&P 500, a broader measure of the markets, climbed 3.55 points (0.29 percent) to 1,241.80.

"After a Sunday meeting, European Union leaders vowed to unveil a detailed financial plan for the debt-strapped region on Wednesday, following a second summit. On the home front, meanwhile, the latest quarterly results from Caterpillar are bolstering the blue chips," said Andrea Kramer at Schaeffer's Investment Research.

The Wall Street action followed solid gains Friday, with the Dow adding more than 2 percent, amid optimism that EU leaders were moving ahead with a comprehensive deal to stabilize the eurozone.

Copyright AFP (Agence France-Presse), 2011