Stocks struggle higher at the startMajor gauges edge up after last week's 3-day runup, helped by strength in Asian markets, merger talk.NEW YORK (CNNMoney.com) -- Stocks edged higher at Monday's open on strength in Asian markets and merger speculation in a session with no major economic reports on tap. The Dow Jones industrial average edged higher early in the session, while the broader S&P 500 index also rose around 0.1 percent.
The tech-laden Nasdaq composite climbed 0.1 percent. Asian markets finished sharply higher, with Japan's benchmark Nikkei index climbing about 1 percent to a three-month high. In Europe, stocks were mixed in midday trading. In corporate news, mining group BHP Billiton is reconsidering a takeover bid for aluminum producer Alcoa (up $0.80 to $42.40, Charts, Fortune 500), the Times of London reported. The fast-food chain Wendy's (down $0.72 to $39.01, Charts) said it was exploring a possible sale of the company and also cut its 2007 earnings forecast, sending the stock down about 3 percent in early trading. Bond prices edged higher, taking the benchmark 10-year yield down to 5.15 percent from 5.16 percent late Friday. Oil prices fell slightly, with the U.S. light crude for July delivery easing 36 cents to $67.64 a barrel in electronic trading. |
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