Stocks Opened at Record, Eyed on Earnings

U.S. stocks opened at record highs on Monday as traders continued to cheer the prospects for tax cuts and a stronger-than-expected earnings season. The Dow Jones Industrial Average lately rose 27.17 points, or 0.12%, to 23,355.80. The S&P 500 gained 1.12 points, or 0.04%, to 2,576.33. The Nasdaq Composite was down 3.38 points, or 0.05%, to 6,625.67.

Oil prices swung between gains and losses on Monday, as traders digested upbeat signals from OPEC, supply disruptions in Iraq and a drop in U.S. drilling activity. West Texas Intermediate oil for December delivery rose 5 cents, or 0.1%, to $51.89. Brent oil dropped 11 cents, or 0.2%, to $57.65,

T-Mobile US Inc’s quarterly profit topped Wall Street analyst estimates. T-Mobile’s net income was $550 million, or 63 cents a share for the quarter ended Sept. 30, up from $366 million, or 42 cents a share in the year-earlier period. Revenue was $10.02 billion, up from $9.31 billion a year earlier.

Cisco Systems Inc (CSCO) will buy U.S. telecommunications software company BroadSoft Inc (BSFT) in a deal valued at $1.9 billion, as the world’s largest networking gear producer shifts from its stagnating legacy business of switches and routers.