Stocks Opened Flat as Investors Braced for Shift in Fed View

U.S. stocks opened little changed on Monday, as investors braced for a busy week of Federal Reserve speakers. The Dow Jones Industrial Average lately rose 3.67 points, or 0.02%, to 17,504.61. The S&P 500 was down 0.37 point, or 0.02%, to 2,051.95. The Nasdaq Composite gained 15.40 points, or 0.32%, to 4,784.96.

The strength of the U.S. labor market, inflation levels that are closer to the Federal Reserve’s target of 2% and easing international pressures are three factors that support the Federal Open Market Committee’s aim for a slow normalization of interest rates, St. Louis Fed President James Bullard said in prepared remarks delivered in Beijing Monday.

General Electric Co. said Monday it made a series of deals with Saudi Arabia worth more than $1.4 billion as part of the kingdom’s ambitious plan to wean itself off crude oil.

Bayer announced Monday it has offered $122 per share for Monsanto (MON) in an all-cash deal that values the U.S. agri-chemicals company at $62 billion.

Private-equity firm Ares Capital Corp. (ARCC) said Monday it has agreed to acquire American Capital Ltd. (ACAS) in a deal valued at $3.4 billion. Separately, American Capital announced the sale of American Capital Mortgage Management LlC to American Capital Agency Corp. in a deal valued at $562 million.