U.S. stocks opened higher in subdued trade on Monday, as investors eyed the release of U.S. consumer sentiment data later in the trading session, after a tepid U.S. personal spending and personal income report.
During early U.S. trade, the Dow Jones Industrial Average gained 0.43%, the S&P 500 index advanced 0.48%, while the Nasdaq Composite index climbed 0.76%.
The Bureau of Economic Analysis said that U.S. personal spending rose 0.5% last month, matching expectations. Personal spending for October was revised up to a 0.4% gain from a previously reported increase of 0.3%.
The report also showed personal income rose 0.2% in November, missing expectations for a 0.5% increase, after falling by 0.1% in October.
The data came after a report on Friday showed that U.S. gross domestic product expanded by 4.1% in the third quarter, above initial estimates for 3.6% growth.
Apple shares surged 3.08%, following reports of a deal between the U.S. tech giant and China Mobile to launch the iPhone across China next month.
On the downside, luxury jeweler Tiffany & Co. slipped 0.28% after it was ordered to pay Swatch an arbitration award of about CHF402 million after the Swiss watch maker claimed a breach of contract at their joint venture.
In the financial sector, Bloomberg reported that the U.K.''s Standard Chartered and U.S. lender Citigroup are struggling to sustain profits in South Korea, where the economy us plagued by rising household debt.
Standard Chartered took a USD1 billion writedown on the value of its business in the country in August, while Citigroup said Chief Financial Officer John GerspachKorea will hurt the U.S. bank''s revenue in Asia through 2014.
Citigroup shares were still up 0.46% following the news.
Other stocks likely to be in focus included Piedmont Natural Gas Company, scheduled to release quarterly earnings later in the day.
Across the Atlantic, European stock markets were higher. The EURO STOXX 50 climbed 0.44%, France’s CAC 40 added 0.15%, Germany''s DAX gained 0.67%, while Britain''s FTSE 100 advanced 0.75%.
During the Asian trading session, Hong Kong''s Hang Seng Index advanced 0.48%, while Japan’s Nikkei 225 Index remained closed for a national holiday.
Later in the day, the U.S. was to release a report by the University of Michigan on consumer sentiment.
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