US stocks moved higher today, riding a wave of forward momentum after last week's records, a positive outlook from the International Monetary Fund and a major Apple deal in China.
About 30 minutes into trade, the Dow Jones Industrial Average had risen 56.52 points or 0.35 per cent to 16,277.66.
The broad-based S&P 500 increased by 6.98 points (0.38 per cent) to 1,825.30, while the tech-rich Nasdaq Composite Index jumped 25.05 (0.61 per cent) to 4,129.79.
The Dow and S&P 500 closed at record peaks last week after the US Federal Reserve announced it was trimming its stimulus in light of better economic data.
Over the weekend, International Monetary Fund Managing Director Christine Lagarde praised the Fed's move and said the body sees a "much stronger outlook for 2014" in the US economy.
Apple shares climbed 2.9 per cent after the tech giant announced a long-anticipated deal with China Mobile that will give the US company a much bigger entry into the huge Chinese market.
Facebook jumped 2.9 per cent after Cantor Fitzgerald boosted its earnings estimates, citing a strong advertising performance during the crucial holiday shopping period.
Facebook also began testing auto-play video ads last week, Cantor Fitzgerald noted.
Jos A Bank Clothiers dipped 1.8 per cent after announcing it had rejected a takeover proposal from Men's Wearhouse after concluding the offer "significantly undervalued" the company.
Jos A Bank said it would continue to look at strategic acquisition opportunities. Men's Wearhouse fell 1.9 per cent.
Micron Technologies lost 4.1 per cent after Bank of America Merrill Lynch downgraded the chip maker, citing more promising offerings from other competitors.
Biotechnology company United Therapeutics shot up 22.2 per cent after reporting that US safety regulators approved its Orenitram tablets for the treatment of pulmonary arterial hypertension.
Ariad Pharmaceuticals jumped 10.0 per cent after the US Food and Drug Administration approved the resumption of its marketing of the drug Iclusig for certain kinds of leukemia with revised health warnings to consumers.
The yield on the 10-year US Treasury rose to 2.91 per cent from 2.89 per cent, while the 30-year edged higher to 3.83 per cent from 3.82 per cent. Bond prices and yields move inversely.
