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China Daily Website

US stocks open higher on "fiscal cliff" hopes

Updated: 2012-12-18 00:14
( Xinhua)

NEW YORK - US stocks opened higher on Monday thanks to optimism that the "fiscal cliff" problem could be solved.

During the weekend, House Speaker John Boehner agreed on the proposal of increasing tax for the richest, which is a key topic of the negotiations on the "fiscal cliff."

The news encouraged investors as the three major stock indexes climbed on Monday's opening.

Apple was traded under 500 dollars per share before the opening bell as Citi cut its rating from Buy to Neutral, despite the news that the tech giant sold more than 2 million iPhone 5 in China in two weeks after its debut.

On the economic front, the Empire State Manufacturing Index fell for the fifth consecutive month to minus 8.1 in December, suggesting that manufacturing activities were still weak.

The Dow Jones Industrial Average rose 70.27 points, or 0.53 percent, to 13,205.28. The S&P 500 Index was up 9.24 points, or 0.65 percent, to1,422.82. The Nasdaq Composite Index rose 15.36 points, or 0.52 percent, to 2,986.69.

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