US open: Stocks rise on solid quarterly earnings
US stocks rallied after solid quarterly earnings from companies including Berkshire Hathaway and Michael Kors.
With no major US economic data due on Monday's session, investors were focusing on corporate earnings.
Berkshire gained after the group reported after the closing bell on Friday that the operating profit increased by a better-than-expected 10.5% in the second quarter, helped by investment gains and improved results from non-insurance businesses.
Fashion group Michael Kors also rose strongly after it upped its profit guidance for the year following a 43% surge in revenue in its first quarter.
Some 72 firms including Walt Disney and Time Warner will report earnings the week.
Meanwhile, global stocks were given a boost after Portugal bailed out Banco Espirto Santo in a €4.9bn deal.
The Bank of Portugal's Resolution Fund will move Banco Espirito Santo's deposit-taking operations and most of its assets to a new company, Novo Banco, which it will own outright.
It comes after regulators uncovered potential losses on loans to other companies tied to Portugal's Espirito Santo family and ordered the lender to raise capital.
The 10-year yield fell one basis point to 2.48%.
West Texas Intermediate crude futures dropped 0.225% to $97.66 per barrel, according to the ICE.
RD