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US: Stocks edge up ahead of data, G20

[NEW YORK] Wall Street stocks opened modestly higher on Monday ahead of a much-anticipated Group of 20 Summit, as well as key economic releases later in the week.

Markets have been looking ahead to the G20 gathering in Japan at which US President Donald Trump and Chinese leader Xi Jinping are expected to work toward resolving their trade dispute.

While a final deal is not expected, the occasion will be scrutinised as to whether the two sides can progress towards an accord or are more likely to impose additional tariffs and penalties.

About 15 minutes into trading, the Dow Jones Industrial Average stood at 26,786.82, up 0.3 per cent.

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The broad-based S&P 500 edged up less than 0.1 per cent to 2,951.64, while the tech-rich Nasdaq Composite Index added 0.1 per cent at 8,038.17.

Both the Dow and S&P 500 are within striking distance of all-time records.

Key data releases this week include reports on consumer confidence, GDP growth and personal income and spending.

Caesars Entertainment shot up 14 per cent after agreeing to be acquired by Eldorado Resorts for about US$17.3 billion. Eldorado fell nine percent.

AFP