US open: Stocks advance as Wall Street remains undeterred by Paris attacks

US equities pushed higher early on Monday, as Wall Street seemed unperturbed by the choppy session experienced by equities across the world in the wake of the attacks in Paris.

Shortly before 1500 GMT, the Dow Jones Industrial Average was up 70 points to 17,315.32, while the S&P 500 and the Nasdaq were eight and nine points higher respectively.

European equities reversed early losses to gain ground thanks to commodity-related stocks, while Asian stocks began the week on a downbeat note, as Japan slipped into recession for the second time in two years.

“Just like people, markets have proven surprisingly resilient, rallying throughout the morning,” said IG’s market analyst Joshua Mahony.

“While the total human impact is immeasurable, the economic shockwaves to the French economy could include reduced investment, consumer spending and confidence for an economy that is already under pressure.”

Gold spot gained 0.13% to $1,085.37, while the dollar was on the front foot against the main currencies. The greenback gained 0.57% and 0.50% against the yen and the euro respectively and rose 0.15% against the pound.

Meanwhile, oil prices declined, with West Texas Intermediate losing 0.39% to $40.58 a barrel, while Brent shed 0.86% to $44.09 a barrel.

On the macroeconomic front, according to the New York Federal Reserve, the Empire State manufacturing index edged higher from -11.4 in October to -10.7 this month, compared with analysts’ expectations for a 6.3 reading.

The figure marked the first time since early 2009 that the index has been below negative 10 for four consecutive months.

“No-one should be surprised by soft manufacturing data, given the plunge in oil companies' capex, the strong dollar and slowing growth in Asia,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics.

“The good news, though, is that the Empire State index is not a leading indicator of the national ISM index.”

In company news, travel-related stocks were under pressure following the attacks in Paris, with cruise operator Carnival and Delta Airlines losing 2.22% and 2.69% respectively.

Drilling services provider Transocean gained 1.40%, while Perrigo rose 1.62% as it sought to recoup some of the losses incurred on Friday, after it emerged that Mylan’s attempted takeover of the pharmaceutical group had failed.

Hotel operator Marriott International declined 2.61% ahead of the bell after it agreed to buy rival Starwood Hotels & Resorts for $12.2bn in a deal that will create the world’s largest hotel company.

The earnings season continues, with Urban Outfitters and Agilent Technologies set to report after the closing bell.