US stocks open higher, pushing market back to record levels; Cognizant jumps

EnergyAssociated Press

U.S. stocks opened higher Monday, pushing stocks to record levels, as investors assessed corporate earnings. A promise by China's leaders to shore up growth and hopes of progress in Greece's bailout talks with its creditors helped global stocks rally.

KEEPING SCORE: The Standard & Poor's 500 index rose 10 points, or 0.5 percent, to 2,118 as of 10:03 a.m. Eastern. It closed at a record high of 2,117 on April 24. The Dow Jones industrial average climbed 80 points, or 0.5 percent, to 18,104. The Nasdaq composite gained 24 points, or 0.5 percent, to 5,028.

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EARNINGS STANDOUTS: Cognizant Technology Solutions, a technology consulting business, jumped $5.20, or 8.8 percent, to $63.25 after it posted earnings that beat the expectations of Wall Street analysts.

Tyson Foods also gained after reporting strong earnings. The company's stock rose 91 cents, or 2.2 percent, to $41.39 in early trading.

EUROPE'S DAY: France's CAC-40 rose 1.1 percent to 5,103 and Germany's DAX added 1.4 percent to 11,611. U.K. markets were closed for a public holiday.

GREECE PROGRESS: Officials said Greece made progress with its creditors over the weekend on how to stave off bankruptcy despite complaints in Athens that the International Monetary Fund is pushing the cash-strapped country too hard over labor reforms. Greece has to come up with a series of economic reforms and budget measures that are deemed acceptable by creditors in order to secure the remaining money in its bailout fund — 7.2 billion euros ($7.7 billion). Without the money, Greece faces the possibility of going bankrupt in the coming weeks and an exit from the euro.

CHINA SLOWDOWN: The Communist Party's Politburo met last week and promised "forceful" measures to support economic growth that slumped to 7 percent in the first quarter, its lowest level since the aftermath of the 2008 financial crisis. The party leadership called for boosting investment and streamlining the flow of money through the financial system.

ENERGY: Benchmark U.S. crude oil lost 55 cents to $58.61 on the New York Mercantile Exchange.

BONDS AND CURRENCIES: The price of the 10-year Treasury note rose. The yield dropped to 2.10 percent, from 2.12 percent on Friday.

The euro gave up some of its recent gains, falling to $1.1155 from $1.1192. The dollar fell to 120.20 yen from 120.28 yen.