Stocks Opened Slightly Higher

U.S. stocks opened slightly higher on Monday, with investors treading cautiously and waiting for the next big catalyst to jolt the markets. The Dow Jones Industrial Average lately rose 99.18 points, or 0.48%, to 20,904.02. The S&P 500 added 9.60 points, or 0.40%, to 2,391.33. The Nasdaq Composite was up 29.46 points, or 0.48%, to 6,113.16.

Oil prices rose on Monday, as Saudi Arabia said all producers participating in output cuts agree on prolonging the deal through the first quarter of 2018. Brent crude gained 48 cents o $54.09 a barrel by 1043 GMT (6:43 a.m. ET), with U.S. light crude up 47 cents at $50.80.

Ford is replacing CEO Mark Fields as it struggles to keep its traditional auto-manufacturing business running smoothly while remaking itself as a nimble, high-tech provider of new mobility services. Fields will be replaced by Jim Hackett, who joined Ford’s board in 2013. Hackett has led Ford’s mobility unit since March of last year.

Private equity firm Blackstone Group (BX) today unveiled a $100 billion infrastructure plan for projects primarily in the U.S. The fund will receive a $20 billion investment from Saudi Arabia’s public investment firm.

Cathay Pacific Airways Ltd said on Monday it was cutting 600 jobs, its biggest headcount reduction in almost two decades, as it seeks to return to profitability in an industry battered by falling ticket prices.