News Column

US Stocks Open Higher Amid Geithner's Remarks on Fiscal Cliff

Dec 5, 2012

U.S. stocks opened higher on Monday amid U.S. Treasury Secretary Timothy Geithner' s positive remarks on fiscal cliff.

Geithner said that the Republicans would ultimately agree to raise tax rates on the rich to avoid the potential economic disaster.

On economic front, the Institute for Supply Management will releases its November manufacturing index and the Commerce Department will release its October construction spending data late Monday morning.

Meanwhile, Chinese manufacturing returned to growth in November for the first time in over a year, boosting confidence that the economy development in emerging market region will become better.

Shortly after the opening bell, the Dow Jones industrial average rose 58.62 points, or 0.45 percent, at 13,084.20. The Standard & Poor's 500 was up 6.75 points, or 0.50 percent, to 1,423.27. The Nasdaq Composite Index gained 19.16 points, or 0.64 percent, to 3,029.08.

Source: Copyright Xinhua News Agency - CEIS 2012

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