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NEW YORK - US stocks opened higher on Monday as cable operator Cablevision announced it was buying the New York daily Newsday in a US$650 million (S$889 million) deal and as world oil prices eased slightly.
The Dow Jones Industrial Average was up 35.33 points or 0.28 per cent at 12,781.21 just after the market opened for trading.
The tech-laden Nasdaq composite gained 3.99 points or 0.16 per cent to 2,449.51 while the broad-market Standard & Poor's 500 index rose 2.57 points or 0.19 per cent to 1,390.85.
Cablevision is buying Newsday from the Tribune Company media group which will retain a three per cent equity stake in Newsday after the deal is completed.
Oil prices, which soared to record highs over US$126 a barrel on Friday, retreated somewhat and were trading above US$124 in New York as Wall Street opened for business.
Market participants said a flurry of economic and corporate news would be released in coming days, including a snapshot on April retail sales and Wal-Mart's latest earnings. -- AFP
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