US stocks open higher after holiday weekend

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Associated Press

Posted on May 27, 2014 at 7:02 AM

Updated Tuesday, May 27 at 7:11 AM

NEW YORK (AP) — The U.S. stock market is opening higher as traders return from a long holiday weekend.

Investors were encouraged by a report that orders for big-ticket items unexpectedly rose last month.

The Standard & Poor's 500 index rose eight points, or 0.4 percent, to 1,908 in the first few minutes of trading Tuesday.

The Dow Jones industrial average rose 58 points, or 0.4 percent, to 16,663. The Nasdaq composite rose 27 points, or 0.6 percent, to 4,212.

U.S. markets were closed Monday for the Memorial Day holiday.

The S&P 500 index, the benchmark for most U.S. mutual funds, closed above 1,900 for the first time on Friday.

Bank of America rose 3 percent after the bank said it's resubmitting its capital plan to the Federal Reserve.

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