Stocks headed for rosy start
Wall Street set for opening gains as optimism reigns. Investors await results of big bank tests.
NEW YORK (CNNMoney.com) -- U.S. stocks were set to open higher and extend the recent rally Monday, as economic optimism lifted the mood on Wall Street.
At 9 a.m. ET, Dow Jones industrial average, Standard & Poor's 500 and Nasdaq-100 futures were higher.
Futures measure current index values against perceived future performance and offer an indication of how markets may open when trading begins in New York.
Peter Cardillo, chief market economist for Avalon Partners, said that trading this week will be "choppy" ahead of the government stress tests on the banking sector, as well as the job market reports on Friday.
Economy: Investors will look to a report on March construction spending, which is due out at 10 a.m. ET. A reading on pending home sales also comes out at 10 a.m.
Banks: Investors are awaiting the release of the results of the U.S. government's so-called stress tests on banks, which are due out this week.
Companies: Shareholders descended upon Berkshire Hathaway's (BRK.A) annual meeting over the weekend. At the meeting, chief executive Warren Buffett said the firm expects to report a first-quarter operating profit.
World markets: Stocks in Asia rallied, with shares in Taiwan surging. Markets in Japan were closed. Most European markets also rose in morning trading. U.K. markets were closed for a holiday.