Dow Opens At Record As Oil Rally Helps Wall Street Shake Off Italy's Referendum

By Mark DeCambre Markets MarketWatch Pulse

The Dow industrials on Monday opened at an all-time high as crude-oil prices extended last week's OPEC-inspired rally, and as investors dismissed concerns about the outcome of Italy's referendum on Sunday. The Dow Jones Industrial Average rose 85 points, or 0.5%, at 19,260, the S&P 500 index began trade 9 points, or 0.4%, higher at 2,201, while the Nasdaq Composite Index advanced 27 points, or 0.5%, at 5,282. On Sunday, Italian Prime Minister Matteo Renzi announced his resignation after a vote to reform existing rules that might make it easier for euroskeptics to take power in the country was rejected. The rejection of the referendum raises questions about the shared European currency, the euro, which roiled markets earlier in the New York day. But the resumption of crude-oil futures climb, after the Organization of the Petroleum Exporting Countries reached a pact last week to curb production, has helped to lift appetite for assets perceived as risky, like stocks. On the corporate side, shares of Visa led the Dow industrials in early trade, while UnitedHealth Group Inc. shares were the biggest laggards among blue-chip names.

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