Stocks Opened Higher after Government Shutdown Averted

U.S. stocks opened higher on Monday, following a deal among Congressional leaders to fund the government through Sept. 30, which removed the overhang of a potential geopolitical risk. The Dow Jones Industrial Average lately rose 3.59 points , or 0.02% , to 20,944.10. The S&P 500 added 4.23 points, or 0.18%, to 2,388.43. The Nasdaq Composite rose 24.69 points, or 0.41%, to 6,072.29.

Crude prices eased Monday on concerns that restraint from OPEC and other large producers won’t impact the global oil glut, especially with U.S. output remaining solid. June West Texas Intermediate crude fell 20 cents, or 0.4%, to $49.12 a barrel. July Brent fell 26 cents, or 0.5%, to $51.79 a barrel.

The Federal Reserve will signal no change in its plans to gradually raise interest rates despite recent weakness in the economy. The government’s official scorecard for the U.S. economy in the first quarter pointed to the weakest growth in three years, although possibly limited by fleeting factors as the Fed has suspected.

U.S. consumer spending stalled in March while inflation slowed to below the Federal Reserve’s target, showing the biggest part of the economy might take more time to gain momentum after a tepid start to the year. Purchases were little changed in both March and February from their prior months, Commerce Department figures showed Monday.