Stocks Opened Higher, Dow Climbed 250 Points

U.S. stocks opened higher on Monday as markets try to push through concerns over corporate earnings and ongoing global tensions. The Dow Jones Industrial Average lately rose 196.76 points, or 0.80%, to 24,885.07. The S&P 500 climbed 31.88 points, or 1.20%, to 2,690.57. The Nasdaq Composite advanced 79.85 points, or 1.11%, to 7,247.06.

Oil futures slipped early Monday in rangebound trade, as investors pondered whether Saudi Arabia and its OPEC allies will be able to offset global supply losses anticipated from Iran due to new U.S. sanctions. West Texas Intermediate crude for December delivery edged 30 cents, or 0.4%, lower to $67.29 a barrel. December Brent crude fell 28 cents, or 0.4%, to $77.34 a barrel.

International Business Machines Corp. said Sunday it plans to be the world’s largest hybrid cloud provider by acquiring open-source software company Red Hat Inc. for 63% above Friday’s closing price. IBM said Red Hat agreed to be acquired for $190 a share in cash in a deal with an enterprise value of about $34 billion.

China is considering a tax cut to revive its flagging automotive market, according to people familiar with the matter, lending support to a key industry that’s been damaged by an ongoing trade war with the U.S.