U.S. Stocks Edge Higher
U.S. stocks edged higher in early trading on Monday as global investors took a sigh of relief after the Cypriot government reached a last-minute bailout deal with international lenders, earlier today.
At last check, the Dow Jones Industrial Average Index gained 0.22%; the NASDAQ Composite Index edged up 0.35% while the S&P 500 Index advanced 0.37%.
Earlier today the Cypriot government agreed to raise euro 4.2 billion from taxing unsecured deposits and winding down its second largest bank, the Popular Bank of Cyprus in lieu of euro 10 billion in financial aid from the troika (ECB, EU, IMF).
Shares of Dollar General Corp. (NYSE: DG) climbed in early trading after the company handed better-than-expected fiscal fourth quarter results and expects sales growth of 10% o 12% in the current fiscal.
Shares of Apollo Group Inc. (NASDAQ: APOL) rallied in early trading. Although the Company reported 79% plunge in profits for the fiscal second quarter, on adjusted basis, earnings per share surpassed analysts’ consensus estimate.
Shares of Research in Motion (NASDAQ: BBRY), which will be soon officially called as Blackberry, fell after the reports emerged that its generation-next Z10 model failed to generate excitement among Americans. Meanwhile, analysts at Goldman Sachs downwardly revised its rating on the stock to “neutral” from “buy”.
In some other markets, the euro surged against all major traded currencies on Monday following the bailout deal. Nevertheless, macroeconomic weakness and simmering concerns over political stalemate in Italy can weigh down the common currency in coming days.
Crude oil futures gained 0.74% to $94.40 a barrel while gold futures fell 0.76% to $1,595.70 an ounce.
No major U.S economic data is scheduled to be released on Monday.
Elsewhere in Europe all leading benchmark indexes were trading in green territory with Pan European Stoxx 600