Markets Are Surging

Chicago mercantile exchange tradersREUTERS/John GressTraders are cheering as stocks are higher at the market open.

The market is open and stocks are higher.

The Dow is up 130 points, the S&P 500 is up 12 points, and the Nasdaq is up 25 points.

The economic calendar is light, with just homebuilder confidence from the National Association of Homebuilders on the schedule.

The report, which came out earlier than anticipated, showed that the headline index climbed to 55 from 53 in July, also stronger than the 54 expected by economists.

In stock news, Dollar General bid $US9.7 billion for rival Family Dollar, topping the $US8.95 billion bid made in late July by Dollar Tree.

Dollar General’s bid is worth $US78.50 per share of Family Dollar, and in morning trade on Monday shares of Family Dollar were up more than 4% to above $US79 per share.

Markets will be focused this week on the Fed, with the minutes from the latest FOMC meeting set for release on Wednesday, and the Kansas City Fed’s Jackson Hole economic symposium set to begin on Thursday.

You can read Sam Ro’s whole preview of the week’s big events here.

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