US open: markets advance ahead of labor data

Markets began the week on a positive note, as the optimism generated by a strong jobs report on Friday remained strong.

The Federal Reserve is set to release the labor-market conditions index (LMCI) on Monday, which analysts believe will confirm the positive outlook for US economy.

By condensing several parameters of labor data into one reading, the LMCI aims to offer a clearer picture of the market than the one offered solely by the unemployment figures. According to data released by the Bank of America, seven would represent a positive figure.

In corporate news, Hewlett-Packard rose after the company announced it plans to split into two and separate its personal computer and printer businesses from its services and hardware divisions.

Becton, Dickinson shares gained almost 6% after the company announced it reached a deal to buy Carefusion for $12.2bn in cash and stock and, as a result, Carefusion soared as high as 23%.

Tesla Motors rose slightly as news emerged that the company is set to present its Model 3 mass-market car and new version of its Model S sedan at an event on Thursday, while Hilton Worldwide Holdings advanced slightly after revealing it will sell the Waldorf Astoria hotel in Manhattan to Beijing-based Anbang Insurance Group for $1.95 bn.

H&R Block fell sharply after the tax services firm announced that regulatory approval for the sale of its banking division won’t be completed by the end of 2014.

Sunesis Pharmaceuticals plunged after revealing that a late-stage trial of a cancer treatment fell short of its intended primary targets.

Gold prices picked up slightly but still remained below $1,200 an ounce, while West Texas intermediate crude fell slightly and traded at just under $90 a barrel.

Following Friday’s positive session, the dollar was in retreat against the euro, the pound and the yen.