Stocks rose Monday as strong euro-zone industrial data helped assuage worries about the debt crisis.
Euro-zone industrial output rose 0.8 percentin April from the previous month. But output was up a whopping 9.5 percent from a year earlier, the fastest pace in nearly 20 years.
The Dow Jones Industrial Average was up more than 70 points at the open, led by Caterpillar , Alcoa and United Technologies .
Twenty-nine of the 30 Dow components were higher — JPMorgan was the lone decliner.
And Home Depot shares edged higher after Citigroup raised its view on the home improvement retailer. Citi said Home Depot's earnings should improve due to improved expense leverage, share repurchases and higher margins.
BP shares slipped following news that the cost to clean up the oil spill in the Gulf of Mexico has spiraled to nearly $1.6 billion.
Halliburton and Transocean were also lower.
On Monday, the company’s board members will decide whether they will pay their quarterly dividend.
On Wednesday, BP executives at the firm are set to meet with President Barack Obama, who is outlining a plan to legally compel the firm to create an escrow accountto compensate businesses and individuals for their losses from the oil spill in the Gulf of Mexico.
Miners were in thespotlight after the United States has discovered nearly $1 trillion in untapped mineral deposits in Afghanistan, far beyond any previously known reserves and enough to fundamentally alter the Afghan economy and perhaps the Afghan war itself, according to senior American government officials quoted by the New York Times.
Miners were among the early leaders in London, with Frensilloand Anglo Americanshares both up.
Techs continued to ride the wave after National Semiconductor last week beat expectations with its earnings and forecast and S&P raised its credit rating on the company.
AT&T rebounded after the telecom giant said hackers were to blame for the release last week of email addresses for users of Apple's iPad.
European shares started the new week on a bright note Monday, hitting a four-week high, with investor confidence building over the global economic recovery. Banks and miners rose on the positive sentiment, and as well as insurers.
The euro rose on Monday after a burst of short-covering lifted the single currency above $1.22 and further away from a four-year low.
Oil rose above $75 a barrel amid renewed optimism about the recovery, while gold fell below $1,230 an ounce.
Asian stocks rose to a one-month high on Monday, led by a rally in the technology sector, after semiconductor chipmakers last week gave positive news about demand. The Nikkei jumped 1.8 percent, climbing 174.6 points to 9,879.85, closing near a key resistance level.
In deal news, Cablevision Systems confirmed its $1.37 billion purchase of Bresnan Communications, an independent operator in the Rocky Mountain region. The fifth-largest cable operator also said it plans a share buyback worth up to $500 million.
And fertilizer maker Mosaic is in talks to buy Mexico's Grupo Fertinal in a deal that could be worth as much as $1 billion, the Wall Street Journal reported.
On the IPO front, the Agricultural Bank of China is seeking to raise more than $23 trillion through a dual Hong Kong and Shanghai listing, putting it on course to be the world's biggest IPO.
MONDAY: Fed's Bullard speaks; SEC's Schapiro speaks; BoJ monetary policy meeting; Box office futures decision expected
TUESDAY: Fed's Bullard speaks; Empire State survey; import & export prices; credit card default rates expected; E3 video game conf.; Earnings from Best Buy
WEDNESDAY: Weekly mortgage apps; PPI; housing starts; industrial production; weekly oil inventories; Fed's Plosser speaks; Disney insider trader hearing; China trade hearing; Earnings from FedEx
THURSDAY: CPI; weekly jobless claims; current accounts; leading indicators; Philadelphia Fed survey; BP CEO testifies
FRIDAY: Quadruple witching; S&P indexes rebalanced
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