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