U.S. stocks rose in early trading on Monday with investors seeing little long-term economic impact from Friday’s deadly attacks in Paris.
Eight of the 10 major S&P sectors were higher, with the energy sector’s .SPNY 1.20 percent rise leading the advancers. Oil prices rose after French air strikes before easing back as a supply glut weighed. [O/R]
“Expectations are that (the attacks) will have a modest potential economic impact and, as a result, markets have the potential to look through this over the very near term,” said Eric Wiegand, senior portfolio manager at the Private Client Reserve at U.S. Bank in New York.
At 9:39 a.m. ET, the Dow Jones industrial average .DJI was up 54.69 points, or 0.32 percent, at 17,299.93, the S&P 500 .SPX was up 8.26 points, or 0.41 percent, at 2,031.3 and the Nasdaq Composite index .IXIC was up 8.92 points, or 0.18 percent, at 4,936.80.
The Paris attacks added to the uncertainty already facing the market. U.S. stocks logged their largest weekly loss since August last week on the back of weak economic data and disappointing earnings from retailers such as Macy’s (M.N).