Stocks inch higher at open
Major stock gauges manage modest gains ahead of speech from Ben Bernanke, Oracle earnings tonight.
NEW YORK (CNNMoney.com) - Stocks managed modest gains Monday morning, with investors showing caution ahead of earnings from Oracle tonight and a speech from new Federal Reserve chairman Ben Bernanke. The Dow Jones industrial average (down 0.56 to 11,279.09, Charts), the Standard & Poor's 500 (down 0.02 to 1,307.23, Charts) and the Nasdaq composite (up 3.62 to 2,310.10, Charts) all added a few points in the early going, led by the Nasdaq composite.
The Dow and S&P 500 index had closed at their best levels since May 2001 on Friday. Last week was also one of the best weeks for stocks all year, with the three major gauges all adding around 2 percent. After such as advance, investors were more cautious Monday. Oracle reports earnings after the close. Shares were little changed Monday morning. In addition, new Fed chair Ben Bernanke speaks at the Economic Club of New York Monday night regarding the yield curve and monetary policy. The Fed chair is not expected to say anything too specific ahead of next week's Federal Reserve policy meeting. Nonetheless, investors will be attuned to his speech. Treasury prices rose, lowering the yield on the benchmark 10-year note to 4.64 percent from 4.67 percent late Friday. Bond prices and yields move in opposite directions. U.S. light crude oil for April delivery fell 47 cents to $62.30 a barrel in electronic trading. COMEX gold for April delivery rose 20 cents to $555.30 an ounce. ______________ Click here for the latest business news. |
|