US stocks open higher as fiscal cliff looms

US stocks opened higher in early trade Monday two weeks before the world's biggest economy could go off the "fiscal cliff."

The Dow Jones Industrial Average was up 41.51 points (0.32 percent) at 13,176.52.

The broad-market S&P 500 rose 6.61 points (0.47 percent) to 1,420.19, while the tech-rich Nasdaq Composite gained 15.10 points (0.51 percent) at 2,986.43.

The action came shortly after the New York Federal Reserve said its Empire State manufacturing survey, measuring conditions in the New York region, fell for a fifth straight month in December, with both new orders and shipments lower.

"Despite the US fiscal cliff remaining unresolved and a disappointing read on regional manufacturing activity, the domestic equity markets are gaining ground," said analysts with Charles Schwab & Co.

Traders continued to fret about a series of tax increases and spending cuts set to take effect in January if Washington fails to reach a deal to avert the so-called fiscal cliff, which economists warn could take the United States into recession.

Apple was up 0.1 percent. The tech giant announced Sunday that it had sold more than two million of the new iPhone 5 in China during the smartphone's first weekend in stores there.

On Friday, the Dow lost 0.27 percent, the S&P 500 fell 0.41 percent, while the Nasdaq shed 0.70 percent.

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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.2523-0.0005-0.04%
    USDSGD=X
    1.7303-0.0003-0.02%
    EURSGD=X
    2.1030-0.0011-0.05%
    GBPSGD=X
    81.7665+0.0338+0.04%
    SGDJPY=X
    6.1918+0.0023+0.04%
    SGDHKD=X
    2.5855+0.001+0.04%
    SGDMYR=X
    9,120.3457-30.873-0.34%
    SGDIDR=X
    4.9739+0.0097+0.20%
    SGDCNY=X
    1.1690+0.0005+0.04%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,294.60-8.90-0.68%
    GCM14.CMX
    19.65+0.02+0.08%
    SIK14.CMX
    90.18-0.65-0.72%
    ^XAU
    3.04+0.02+0.51%
    HGK14.CMX
    104.59+0.83+0.80%
    CLK14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.73+0.08
    ^FVX
    2.72+0.08
    ^TNX
    3.52+0.06
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.115-0.002-1.71%
    B22.SI
    0.48+0.020+4.35%
    5GJ.SI
    2.27+0.090+4.13%
    5ME.SI
    2.190.0000.00%
    JS8.SI
    0.61+0.005+0.83%
    E5H.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.162+0.034+26.56%
    5GF.SI
    0.20+0.034+20.48%
    5WD.SI
    0.59+0.050+9.26%
    L5I.SI
    0.28+0.020+7.69%
    C33.SI
    0.215+0.015+7.50%
    5UE.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.103-0.010-8.85%
    5OS.SI
    0.112-0.008-6.67%
    5RC.SI
    0.355-0.025-6.58%
    KJ9.SI
    0.215-0.015-6.52%
    F9M.SI
    0.29-0.020-6.45%
    5PC.SI