US: Stocks open holiday week on upbeat note

[NEW YORK] Wall Street opened the holiday-shortened week on an upbeat note on Monday, as investors awaited a pair of economic data releases as well as monthly car sales.

About 10 minutes into trading on the day before the July 4 holiday, the Dow Jones Industrial average jumped nearly 0.6 per cent to 21,467.77, while the broad-based S&P 500 was up 0.5 per cent to 2,435.96.

The tech-rich Nasdaq added 0.3 per cent to 6,160.03.

"It's shaping up to be a firecracker start for the equity market on this first - and abbreviated - trading day of July," Briefing.com analyst Patrick O'Hare said in a commentary.

"It's challenging to put one's finger on exactly why the stock market has a positive leaning. Our first impression of matters is that the news flow has a generally supportive hue to it." He noted the stronger-than-expected jump in China's Caixin manufacturing index, and a similar increase in the eurozone index.

US markets are awaiting a government report on construction spending as well as the closely-watched manufacturing index from the Institute for Supply Management.

Tesla jumped two per cent after CEO Elon Musk announced via Twitter that the mid-priced Model 3 would roll off the assembly line on Friday, two weeks ahead of schedule after receiving regulatory approval to begin production.

The market will close at 1:00 ET (1700 GMT) Monday for the holiday.

AFP