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US stocks lifted as Italian plan boosts banks

New York - Wall Street stocks rose early Monday, following European equities higher after an Italian bank rescue plan lifted European and US financial giants.

The Italian government's $19bn rescue deal of a pair of troubled banks addresses an issue that had been seen as another potential problem for the eurozone. Shares of European banks such as Commerzbank and BNP Paribas rose, along with US giants JPMorgan Chase and Bank of America.

Sentiment also was boosted by oil prices, which edged higher again after falling to multi-month lows last week.

About 15 minutes into trading, the Dow Jones Industrial Average stood at 21 491.65, up 0.5%.

The broad-based S&P 500 also gained 0.5% to 2 449.47, while the tech-rich Nasdaq Composite Index advanced 0.6% to 6 301.60.

US durable goods orders fell 1.1% in May due to a drop in sales of civilian aircraft.

US shares of Nestle shot up 3.4% after activist US hedge fund Third Point took a one percent stake and promptly called on the food giant to sell its 23% stake in L'Oreal, valued at more than $25bn.

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